Following on from our recent article about public views on gazumping, this week we take a look at some more results from the recent survey of homeowners and renters by bridging lender Market Financial Solutions, where some 52% of respondents agreed that caps should be introduced to restrict the number, value or location of properties that can be bought by non-British residents – a problem which is particularly affecting London developments.
The survey also found that 49% of respondents welcome the introduction of a house tribunal system that has the power to review rent increases on individual properties. This idea is even more popular amongst renters. With 58% for those who described themselves as ‘renting with no intention of buying a home over the coming 18 months’ saying they would like some sort of reform. 52% of the renting respondents in this category also said they would be in support of having their council tax being paid directly by their landlord, rather than being responsible for it themselves.
Unsurprisingly, 47% of those who currently own more than one property are against a cap being put on the number of residential properties that can be owned by one person and 62% of these people support the abolition of inheritance tax on property assets – which came out at the most popular suggested policy reform for this type of home dweller.
According to the survey 26.92 million people own one residential property in the UK – that’s 52% of the property market. Only 4% own two or more residential properties. 25% live in rented accommodation and have no intention of buying a property in the next 18 months and 7% of renters are hoping to buy their own home by 2020.
Paresh Raja, CEO of Market Financial Solutions, described the results as being indicative of a challenging property market:
‘It’s … 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.”