European Commission Calls on Britain to Raise Taxes and Build More Houses
The European Commission has exhorted Chancellor George Osborne to take further action to regulate the UK housing market, especially in London. In particular, the Commission recommended that the Chancellor takes action against rising house prices: it advised adjusting the Help to Buy scheme and reducing risks of fostering mortgage debts.
The EC also expressed concerns about the incorrect application of council tax, as it is currently not in accordance with house values. The growth of the housing market and the significant increase of house prices did not correspond to the rise of council taxes for high value properties. Highly valuable houses are, in fact, subject to relatively lower taxes than second rate houses, since the last update of council taxes based on property value dates back to 1991.
Furthermore, The Commission warned the British Government about the current imbalance between demand and supply in the British housing market, with demand outweighing supply. As a result of this, the policy proposals made by the European bureaucrats encouraged the establishment of new incentives to increase the supply of houses locally.
Such increase of incentives and supply of houses would favour tenants but it would also mean more work for landlords and property managers.
The measures above are only a small selection of those that property experts will have to adjust to, whilst operating in the already fast-moving housing market. If you are a landlord or property manager, it goes without saying that working in such a fast-paced setting requires the help of the most efficient and organised tool.
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