By Chris Sapey, of Sapey & Co in Norwicyh
There is a general consensus of opinion that the sooner the general election is over the better particularly if there is a clear and decisive win by one of the parties. What we do not want is a hung parliament which is unable to agree a clear and comprehensive policy. Whoever wins the election needs to recognise the importance of the housing market in the road to economic recovery. The current Labour government under the leadership of Gordon Brown seems to have ignored this and infact seems to have gone out of its way to hinder the market through the creation of Home Information Packs. What we need is the removal of HIPs which not only act as a deterrent to vendors placing their properties on the market but also achieve no useful purpose in the house buying process. The only support for HIPs has been from those companies providing them and a number of these have gone into administration in recent months leaving vendors out of pocket.. The other area that needs radical attention is the issue of stamp duty for first time buyers. By either reducing stamp duty or abolishing it altogether for first time buyers this will help to get the whole market going. With few first time buyers feeding into the lower end the housing market cannot recover.A sustainable revival in the housing market will not only help other areas of the economy recover but will also help bolster the government’s tax revenue which will in turn help reduce the level of government debt.
*Chris is on 01603 616666.