From tax changes to an overhaul of the conveyancing process, here’s what industry insiders would really like to see on the agenda.
After a pretty tortuous few weeks, either Liz Truss or Rishi Sunak will be announced as the UK’s new prime minister on Monday, September 5th, at 12.30pm.
Here’s what some of London’s top prime property specialists would like to see on the winner’s agenda, from tax changes to an overhaul of the conveyancing process – or at the very least, a housing minister who stays in the role for more than a few months…
“We need our new PM to provide stability”
Simon Tollit, Partner, Tedworth Property
Operating in the luxury residential sector of Prime Central London, the last two years have seen a strong domestic market and more recently London has welcomed back international investors. However, with a large number of discretionary transactions, our market doesn’t react well to political and economic uncertainty.
With inflation at levels not seen for 30 years and two candidates with differing opinions on how to bring prices under control, we would like to see the new PM arrive at No.10 with a decisive, robust and well thought out plan to deal with the ongoing issue of inflation. With the BoE’s recent predictions of an impending recession, this alone is enough to dampen sentiment and cause hesitation within the housing market, so a well thought out control strategy is key to providing the stability we need and allow those wishing to make a move the confidence to do so.
We would like to see two things from the new Housing Minister. Firstly, to introduce measures to expedite and protect the sales process both for buyer and seller, by ensuring all stakeholders are obliged to provide all necessary information within a fixed time period. Secondly following the tragedy of Grenfell, the ongoing issue of ensuring residential buildings are safe (and saleable) needs rectifying urgently.
It is not right that millions or people are unable to sell their homes through no fault of their own and this should be at the top of the new minsters ‘to do’ list.
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