Banning Gazumping Is Top Housing Policy Change Wanted Says Survey
The UK Government are forever bringing in new measures and policies around the housing sector but according to a survey, Britains number one wish is that gazumping is banned.
When a sale is agreed on a house and then someone else comes along and offers more, is called gazumping and is hated by 55% of home owners and renters who took part in a survey commissioned by bridging lender Market Financial Solutions. Also, 52% believe caps should be introduced to restrict the number, value or location of properties that can be bought by non-British residents.
The survey also found that 49% would welcome the introduction of a house tribunal system with the powers to review rent rises on individual properties. This jumps to 58% for those renting with no intention of buying a home over the coming 18 months.
Some 47% of those who currently own more than one property are against a cap being put on the number of residential properties owned by one person while 62% with more than one property support the abolition of inheritance tax on property assets, the top policy reform in this category.
When it comes to the lettings market 52% of renters with no intention of buying a home support having council tax for rental properties being paid by the landlord.
Looking at the number of tenants and home owners that currently make up the property market, the research found 52% own one residential property in the UK, equivalent to 26.92 million people while only 4% of the population own two or more residential properties.
Some 25% live in rented accommodation and have no intention of buying a property in the coming 18 months while 7% who live in a rental property are planning to buy a home by 2020.
PARESH RAJA, CHIEF EXECUTIVE OFFICER OF MFS, SAID:
‘Whether you’re a renter looking to make your first purchase or a home owner trying to move up the property chain, the UK property market is facing a number of important challenges.
‘The research findings clearly demonstrate the public’s desire to have new laws introduced to prevent gazumping, and in turn, reduce the risk of a property chain collapsing. It’s also interesting to note that those people who own two or more residential properties are eager to see property inheritance tax removed on real estate assets.
‘There’s no denying the myriad of issues facing the new Housing Minister and as such, MFS’ research provides timely and much needed insight into the key concerns of people from different segments of the property market.’
Numbers and figures from Inside conveyancing