25th May 2011

End to housing market boom or bust

I very much welcomed the Joseph Rowntree Foundation’s recent call for an urgent and fundamental reform of the housing market following the failure of policy makers to learn the lessons from previous boom and bust cycles, which have lead to the UK having one of the most persistently volatile housing markets in the world. Julia Unwin, Chief Executive of the JRF said “Since the 1970s there have been four boom and bust cycles in the housing market.  This persistent instability distorts housing choices, inhibits house building and drives arrears and possession rates, putting people at greater risk and creating wealth and equality between the generations.”

Readers of previous blogs will know my calls to the UK and Scottish Governments to tweak the Stamp Duty and Capital Gains Tax legislation, in particular with a view to dealing with people who sell on properties, other than their sole or main residence, in a period of seven years.  I also believe that putting the housing market on a solid footing requires in the first instance help for first time buyers and some form of first time buyer fund should also be created. 

The JRF housing market taskforce have recommended:-

  • An increase in the supply of housing
  • Reform of both Stamp Duty and Council Tax and a better safety net for homeowners based on shared responsibility between lenders, borrowers and the Government.

I think the recommendations are very sensible and I would urge the Government to recognise these and do all they can to get the UK housing market in  on a firm footing.  This will reap untold benefits for the economy as a whole.

Lindsay Darroch
Head of Property Services

 

 

The opinions expressed in this blog are of the author only and do not necessarily represent the opinions of Blackadders LLP.

Blackadders takes all reasonable steps to ensure that the content of this blog is accurate and up to date. The blog is not, however, intended as a substitute for seeking legal or other professional advice but rather as an informative guide to the services provided by Blackadders and topical legal developments. Blog users should always seek advice tailored to their specific situation. Consequently, Blackadders accepts no responsibility for any loss or damage suffered by anyone acting or failing to act on the basis of information contained on this blog. Downloading of material contained on this site is at the user’s own risk and all necessary virus checks must first be carried out by the user. Blackadders is not responsible for the material found on any web sites linked to this one and links to this site may only be made with Blackadders prior consent.

Copyright

Blackadders owns the copyright in this blog and all material contained on it. The material on this blog may be downloaded for personal use only and must not be altered. Otherwise, Blackadders’ written consent is required before any material on this site is reproduced, copied or transmitted in any way.

Privacy Statement

Information passed to us via this blog is kept confidential and will not be disclosed to third parties except if authorised by you or required by law.

© Blackadders LLP 2020

Members of the Law Society of Scotland.

Blackadders Solicitors is a trading name of Blackadders LLP, a limited liability partnership, registered in Scotland No SO301600 whose registered office is 30 & 34 Reform Street, Dundee, DD1 1RJ. Reference to a ‘partner’ is to a member of Blackadders LLP.

Back to Blackadders' Property Blog: Covering Aberdeen, Dundee, Edinburgh, Glasgow, Perth, Angus and beyond