As soon as the general election determines the next government, emphasis will need to be placed on making more pressing issues, such as housing and homeownership, a priority, so that more people have a chance of buying a home of their own, according to haart, one of the UK’s largest independent estate agents.
With demand continuing to outweigh supply, the company believe that boosting the supply of new build homes must be a priority. But it also wants to see more radical measures introduced to assist would-be property purchasers, including a stamp duty holiday for first-time buyers, incentives for older families looking to move up the ladder, as well as incentives for older people looking to downsize.
Paul Smith, CEO of haart, commented: “Elections usually see a slowdown in the market, and this year is certainly no different. However thankfully this time round the run up period is short, and soon the property market can jump off this latest political rollercoaster and resume activity again.
“A general election should be a good thing in the long run. A clearer vision on Brexit should hopefully allow for a new government to stop being distracted, and put more pressing issues – such as housing and homeownership – first.
“As the chronic housing shortage continues to spiral out of control, and the size of deposits and stamp duty continues to soar, purchasing a property remains nothing but a pipe dream for millions. And that is hardly a vote winner.”
Smith believes that the policies proposed by haart would increase fluidity in the market and free up more properties on the market.
He said: “This would ensure that more people have an opportunity to put roots down in a community and to have somewhere they can truly call home.
“Clearly there will be an impact on tax take – but new home owners spend lavishly on white goods, carpets and other services which all carry a 20% VAT.”