housing taxes
Theresa May has announced that local councils will be able to borrow more money to fund housebuilding developments, in order to meet affordable housing targets.
The cap on funding applications for the Housing Revenue Account (HRA) will be scrapped, said the Prime Minister, helping people to get on the housing ladder by allowing councils to “build the homes this country needs”.
At the Conservative Party conference in Birmingham, Mrs May said, “Solving the housing crisis is the biggest domestic policy challenge of our generation. It doesn’t make sense to stop councils from playing their part in solving it.”
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A housing tax overhaul including ending stamp duty on certain properties could rebalance the UK housing market and reignite activity across all tenures.
New figures show that nearly half of respondents to the RICS Residential Market Survey suggest using tax incentives to encourage downsizing, while making changes to Stamp Duty and Council Tax would help thousands more young people realise their dream of owning their own home.