The UK housing crisis has introduced several prominent issues for builders. These builders are now shifting focus towards making more bungalows during renewed efforts. The Treasury select committee chairman has watched these events unfold as they occur. He has some comments on the housing crisis and the response being made. Build more bungalows and expect the citizens of the UK to choose them instead. Follow the housing prices as they are assessed after the crisis ends.
Key Takeaways:
- There will be a large increase of almost 900 pounds by 2021
- If things keep increasing, 86% of all buyers will pay this tax, placing a larger burden on the elderly and new buyers.
- This tax discourages purchasing homes in the already house poor markets of the UK
“Hefty tax bills on property purchases not only discourage older households from downsizing, they also stop people moving around the country to take up better-paid jobs and are a major contributor to the UK’s poor productivity growth in recent years.”