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taking the temperature OUR INFORMED PROFESSIONALS ...
David Bloxham: MD GCS Recruitment Specialists
David Brookes: tax partner BDO, Reading
Susan Elliott: MD, business growth consultants VitalSix
Peter Kavanagh: MD Romans property services
'Successive governments have failed to meet new-build housing targets for years'
HOUSING: New and affordable homes are vital
“How do people get started on the Thames Valley housing ladder?” queried David Brookes. Staff buying their own homes tend to stay with companies, he added, while noting the likely brownfield v greenfield development battles over where new homes would be built.
Susan Elliott felt the time lag in building the number of new homes needed to stall supply-and-demand tension meant that little benefit would be seen short- term.
Property expert Peter Kavanagh wondered if enough new homes would get built at all with the construction sector having its own skill shortages. “This is not going to improve for years to come. Successive governments have failed to meet new- build housing targets for years. Just saying you are going to build more will not overcome this.”
Kavanagh felt the Autumn Statement’s 3% stamp duty increase on second homes and investment properties, accelerated CGT on residential sales, and housing benefit cap on rents were ‘disappointing’ for the investment sector. “Any measure which could reduce availability and lead to price increases is not welcome.
“Many people use private residential investment as a safe, long-term pension-age income or to help children onto the property ladder. Large numbers of Thames Valley people also rely on available, affordable rented property,” he added.
Brookes agreed: “Other than property, where else do people invest their money nowadays if they want to save for their retirement? Such measures almost encourage people to be less conscientious about saving, although I think people will still buy second homes as investments.”
Ian Milne argued that the changes “could take some heat out of the buy-to-let market and property valuations, enhancing house price affordability for first-time buyers.”
Elliott feared property investors might simply “pass on the tax rises to renters, thus fuelling the lack of affordability of both properties to buy and rent for young people.”
Housing is not the Thames Valley’s only need, noted Kavanagh. “The Thames Valley is creaking and ongoing transport and infrastructure implementation is critical.”
Jon Stradling: regional director, large corporates, south region banking, HSBC
Ian Milne: MD Spectrum Corporate Finance
www.businessmag.co.uk
THE BUSINESS MAGAZINE – THAMES VALLEY – FEBRUARY 2016
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