Housing market that makes losers of us all

The Guardian 2 months ago

Larry Elliott writes that it would be a mistake to reduce stamp duty in order to stimulate the housing market (Business view, 8 October).

For many years, Mr Elliott and other journalists have chosen to ignore the increase to 12% stamp duty applied by George Osborne to homes costing more than £1.5m. In a not particularly central or glamorous London suburb, houses may be bought for £1.5m to £2.5m which in many parts of the country would cost £600,000 to £800,000.

It can be no coincidence therefore that even before the threat of leaving the EU hit the economy and overseas residents in London started to retreat, the market was already beginning to stagnate in the capital.

The impact of the 12% stamp duty deters retirees from downsizing as obviously the additional tax makes their homes harder to sell. So there are fewer family-sized homes available for first-time buyers. The government would earn more tax if the markets were moving. Currently it’s losers all round.
Hazel Dakers
Brentford, Middlesex

On Tuesday the mayor of London launched his first “Homes for Londoners” conference, making clear to home builders that his priority is council, social rented, and other genuinely affordable housing.

The uncomfortable truth is that the London housing crisis will not end until there is a major policy intervention in the UK market in land currently exploited by national and international investors.

That will require landlords, landowners and property developers to submit to regulation and a fair land tax. Churches, as substantial landowners, can provide the ethical leadership needed to encourage those in the commercial and political arena who seek to provide truly affordable housing for all.
Rev Paul Nicolson
Taxpayers Against Poverty


Source link
Read also:
CBS Local › 3 weeks ago
Citing the "overwhelming demand" for low-income housing in Baltimore and an average wait time of up to seven years, the Housing Authority of Baltimore City said it will stop taking public housing applications starting December 13.
Cleveland › 2 weeks ago
The U.S. Department of Housing and Urban Development on Monday awarded a grant to the Akron Metropolitan Housing Authority for the creation of a new housing voucher program for people with disabilities and their families.
Chicago Tribune › 1 week ago
Affordable housing projects are in the works in Aurora, and housing advocates say they’re needed. They point to a variety of types of housing they’d like to see, methods to create it and suggested solutions to address what they see as the...
Forbes › 2 months ago
Why not support a massive civil rights law suit against regulatory overreach that kills housing supply? This kind of challenge is not only morally good but it is efficient, attacking the source of housing inflation that makes suffering greater among...
CNN › Finance › 1 month ago
Despite a recent drop in retail sales, softer business spending and a slowdown in job growth, the housing market keeps humming along. That's good news for a US economy that may need housing to keep the current recovery alive.
Business Insider › 1 week ago
New York City is the biggest city in the US, and it has an equally massive housing market. The average rent in Manhattan is more than $3,000, and prices in the other boroughs aren't far behind. Here are nine surprising facts about New York housing that...
Chicago Tribune › 1 month ago
Housing Opportunities recently acquired its first building in the College Hill neighborhood, an apartment with 11 studio units that will offer quality, affordable housing to local residents, an official said.
New York Daily News › Opinions › 2 months ago
A recent report by City Limits sheds critical light on the problems faced by New York City Housing Authority (NYCHA) tenants in housing court eviction proceedings. As the report details, thousands of public housing units are now privately managed, and...
Washington Post › Finance › 3 weeks ago
The bill, dubbed the Green New Deal for Public Housing Act, would use seven grant programs to upgrade housing units into carbon neutral communities with organic grocery stores, onsite childcare and community gardens. Public housing residents would get...
Cleveland › 1 week ago
A round of HUD funding will put new housing vouchers in the hands of more than 700 Ohioans, many of them in Cuyahoga County. It won’t solve our housing crisis, but it propels a conversation about affordable housing in a county where the need is...
Sign In

Sign in to follow sources and tags you love, and get personalized stories.

Continue with Google
OR