Bridging loan provider Market Financial Solution asked more than 2,000 UK adults about the property market reforms they want to see and there were some very clear answers.
No more gazumping
Gazumping is one of the worst things about buying a property. It happens when the seller accepts a verbal offer from a buyer but then rejects it in favour of a higher bid. More than half – 55% – of the respondents wanted to see legislation brought in to put an end to this practice.
A limit to property ownership – or not
Just over half – 52% – of UK homeowners think there should be caps imposed on the number, value and/or location of properties that non-UK residents can buy and own.
Nearly half of people – 47% – who currently own more than one property don’t want to see this cap. Oddly enough, 62% of people who own more than one property want to see Inheritance Tax scrapped on all property assets – the biggest “aye” among this demographic.
An overhaul of Stamp Duty
This is a perennial favourite among property market reform fans, with 40% of the respondents saying they’d like to see a reduction in this duty, or more help for first-time buyers and buyers of new-build properties.
Just under a fifth – 19% – want Stamp Duty to be paid by the seller rather than the buyer.
More help for renters to get onto the property ladder
One proposal that got a lot of support in the survey was a scheme to help working renters to save up a deposit for a house. A portion of the savers’ salary is deducted and placed in an account which is further topped up by the government.
More incentives for renovation
The news often reports on the shortage of housing supply, so 44% of the respondents think that there should be generous incentives for people buying derelict properties. These incentives will encourage people to buy properties, do them up and sooner or later put them back onto the market.