Thank god for no Mansion Tax!

There’s now over half a million Brits thankful that Labour’s Mansion Tax policy never saw the light of day, writes Richard Carr.

Mansion Tax

Richard Carr  Kensington Palace Gardens

Residents of Kensington Palace will be grateful the Mansion Tax policy never become a reality

It’s now a distant memory, but in the lead up to this year’s general election Mansion Tax was one of the most widely talked about policies. Labour proposed to heavily tax properties worth over £2m to help fund the NHS.

Unsurprisingly this caused a lot of panic and for a number of months the property market stalled, however since the Conservatives’ victory the market has only prospered and now more than half a million British properties are worth over £1m.

According to Zoopla, who collated the data, it’s the first time ever that the figure has reached over half a million.

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Conservatives prove a hit with young home buyers

Recent research released by the Halifax Generation Rent has provided some insight into the Conservatives‘ surprise majority victory at the 2015 General Election, writes Richard Carr.

Conservatives in-tune

Richard Carr Halifax Generation Rent

Conservatives in-tune according to the Generation Rent report

The research suggests that the Conservatives proposed housing policies had the most appeal to young voters.

Policies such as getting empty homes back into the market received a good response from the youngsters surveyed by the Halifax Generation Rent report, which provides ongoing insight into the attitudes and behaviour of young people towards home ownership.

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Cameron victory good news for Chinese investors

David Cameron’s re-election as Prime Minister looks set to open the floodgates for Chinese investors in the UK property market, reports Richard Carr.

Big spenders

Richard Carr Central London image

Are Chinese investors set to invade London

China’s flagging economy coupled with the UK’s attractive investment opportunities is enticing high net-worth Chinese investors into spending big in the UK property market.

Paul Welch, founder and chief executive of largemortgageloans.com told ibtimes.co.uk: “China and Chinese investors coming to the UK is the next big thing. The British government has been wooing big business and high net worth individuals in the country in a big way. If you also take into account China’s flagging economy and a potentially unstable political environment, London is seen as a safe haven for foreign money. It’s an escape and access to a European passport.”

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Seismic changes needed to meet housing proposals

Legal experts have warned that major changes will need to be made if the incoming government is to fix the country’s housing shortage, reports Richard Carr.

Unnecessary requirements

Rosemary Edwards, partner and head of residential development with corporate solicitors Shulmans LLP, told propertywire.com that planning permissions, regulatory requirements, funding, the economy and lack of skills have all added to the housing shortage.

Richard Carr 2015 House Prices

Is the UK’s housing crisis unsolvable?

“I have heard of many major house builders being accused of land banking but this is patently ridiculous. A house builder’s business is entirely based on selling homes. If they can build them and sell them, why would they hold back?” she said.

An increase in planning and regulatory hurdles have added time and costs onto projects for developers with requirements such as Community Infrastructure Levy and s106 agreements causing problems.

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Zoopla warns of risk to property prices if Labour wins

Richard Carr has previously spoken of the negative impacts that a Labour win would have upon UK citizens’ lives and now property expert Zoopla has warned that thousands of pounds could be wiped off the value of homes if Ed Miliband gains power.

Warning

Richard Carr Ed Miliband Stone

Ed Miliband’s pledge stone

Featured on the Express’ website earlier this month, Zoopla explained how Ed Miliband being in charge of the country could “spell trouble” for first-time buyers, whilst Labour’s “mansion tax” on larger, more expensive homes would have a knock-on effect across the whole market.

Ed Miliband’s Labour party are also opposed to the Conservative’s Help-to-Buy scheme and a new ISA which would provide bonuses for people saving for a housing deposit.

Zoopla said: “This could limit the support offered to aspiring first-time buyers, and eventually kill off the initiative.

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The government is getting it right as stats prove UK plc is booming again

It has taken a lot of time and the country has had to be patient, but UK citizens are now better off than when the Coalition government came to power five years ago, reports Richard Carr.

A growing Economy

Richard Carr George Osborne Economy

Under the Conservatives the UK’s economy has grown

According to the Office for National statistics, Britain is enjoying its strongest growth since 2006. Families are now better off than when the Conservatives and Lim Dems first came to power. The official figures also show that consumers are more confident than they have been for more than 12 years.

Richard Carr believes that a change in government in the coming general election could send the country spiralling back to square one. He feels that the timing of these statistics, just days after the election campaigns began, couldn’t be better.

They highlight that the country, under the Coalition government, is out-performing all other leading economies including the United States, Japan, Canada, Germany and France.

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Party property policies ahead of the General Election

As a Commercial and Residential Development Specialist, Poole-based Richard Carr is paying particular attention to the property policies of each party ahead of next month’s UK General Election.

Richard Carr Miliband vs CameronA variety of topics and subjects have been suggested as key areas ahead of the election, however the general consensus has been that whichever party can get it right on politics could have the edge.

Despite months of talk and now two TV debates, does the general public know where each party stands on property?

If you do, well done! If you don’t, Richard Carr has made it easy.

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Hotel investment experiences post-recession high

Reporting on new data by Savills, Property Week announced that investment in the UK hotel market hit a post-recession high last year of £6.1bn – the highest since 2006.

Regional markets

Richard Carr Hotel Investment image

Will the hotel investment boom continue in the UK?

Activity wasn’t just high in the capital though, with 71% of deals taking place outside of London as confidence in the regional markets flooded back.

In 2013, Middle East investors had been most active in the market, however last year it was US investors who were busiest. Investors from the States doubled the amount they spent in the UK last year, taking them past the £2.1bn mark.

In total, overseas investors accounted for £2.9bn (47%) of total volumes, which was an increase of 14.1% on 2013.

Investment from Asia and the Pacific also rose considerably by 65%, with the largest deal costing £135m for the purchase of Wentworth Golf Club by the Chinese Reignwood Group.

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Lib Dems unleash housing pledge ahead of the election

The latest party to unveil its housing policies ahead of the general election in May are the Lib Dems, who earlier this month told the BBC about their ‘rent-to-own’ homes election pledge.

Help for the young generation

Richard Carr image of Nick CleggThe Conservatives have also outlined their plans which include a promise to build 200,000 starter homes for first-time buyers in England under the age of 40. These homes would be available at 20% below the market rate.

David Cameron’s party has also revealed its ‘Help-to-buy’ ISA policy which will see the government provide young savers with a £3,000 bonus.

On the opposite side of the bench, Labour’s housing policies include building 200,000 new homes by 2020, as well as new towns and garden cities. However, the party has come under fire for its proposed ‘Mansion Tax’ policy, which they would introduce to help reduce the NHS deficit.

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How has the Budget 2015 affected the property market?

With the UK General Election 2015 in two months’ time this year’s budget announcement had the potential to make or break the outcome. In his latest blog, Commercial and Residential Development Specialist Richard Carr examines the affect that Chancellor George Osborne’s budget will have on the property market.

‘Help-to-Buy ISA’

Under the current government the UK property market has steadily risen, in line with the growth that the economy has also experienced.

However, getting on to the property market – especially for the younger generation – is still a tough task.

In an attempt to ease the transition on to the property ladder a new ‘Help-to-Buy ISA’ will be introduced by the government.

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