The Housing White Paper was released earlier this month, but did not deliver any big surprises. It did; however, signal an admission that the housing market, as it stands, is not working.
Land Value Tax (LVT) has been in the news recently, with the Mayor of London saying he would be open to considering Land Value Tax options. The proponents of LVT have been campaigning for many years in favour of using the tax as a means to kick-start residential development.
In April 2017, the first of former Chancellor George Osborne’s phased cuts to tax relief on mortgage interest payments for buy-to-let landlord comes into force. In some cases, the amount of tax owed by buy-to-let landlords will double or even triple.
The long awaited Chancellor’s Autumn Statement did not deliver all of the changes hoped for in the residential sector. Many groups lobbied the government to reverse the SDLT charge on additional homes levied on large-scale investors.
The Help-to-Buy Mortgage scheme has served its purpose and, therefore, will no longer be available to potential house buyers after 31st December 2016. The scheme itself was launched in October 2013 and was aimed at people who could not afford large deposits of up to 20% of a property’s value.
By Ashley Osborne | Head of UK Residential & Managing Director – International Properties As 2016 is drawing to a close, we look at economic and political developments from the year which will affect the London residential property market in 2017. Preparing for Brexit The uncertainty caused by the UK’s decision to leave the EU will […]