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Getting rid of stamp duty and axing the 45p income tax rate would put the UK among the top 10 most competitive economies in a league of developed nations, according to a new analysis. A report by the Centre for Policy Studies think tank advocates a package of measures including an overhaul of property levies and the abolition of the additional rate of income tax. The body says the changes would see the UK rise from 22nd to ninth in the International Tax Competitiveness Index compiled by the Tax Foundation think tank in the US. The report, written jointly with the Tax Foundation, describes tax reform as one of the "main levers" the Government can use to boost the economy in the long term. Stamp duty, the report says, creates an "extra burden" when homes are sold and can result in vendors deciding not to sell their properties. Removing the levy could "increase the dynamism of the UK housing market."
The Sunday Telegraph (25/10/2020) The Sun (25/10/2020)
The Telegraph looks at how advances in 3D printing technology could revolutionise the housing sector. “3D printing is being touted by some as a potential solution to Britain's nationwide housing crisis, providing quick and cheap properties for the millions of people who live in unaffordable or unsuitable homes across the country,” writes Hannah Boland. “Projects are already using 3D printing across the world, with progress much quicker outside of the UK. In Dubai, officials are planning for a quarter of all buildings to be built with 3D printing by 2030,” she continues.
The Daily Telegraph (26/10/2020)
Over the past 20 years, Greenwich Millennium Village - a joint venture between Countryside and Taylor Wimpey - has pledged to offer its residents ‘village life in the city’, with as great an emphasis on community and the environment as on aesthetics and cutting-edge design. The latest phase of the project, 67 Park Central, aims to take this philosophy to a higher level. Set to launch in November, the 115 homes are positioned adjacent to the green expanse of Southern Park, with riverside views and exclusive access to the central Podium Garden, along with the four-acre Ecology Park. All properties, from one-bedroom apartments to three-bedroom duplexes, come with underfloor heating throughout. The open plan living and dining areas feature kitchens with stone worksurfaces and integrated appliances. Across the development, village squares form great social spaces, while a children’s play area is complemented by games rooms and co-working spaces. Guide prices at 67 Park Central, just two-minutes on the Tube from Canary Wharf, range from £427,500 to £750,000.
Evening Standard (16/10/2020)
Maccreanor Lavington has submitted plans for a 62-storey tower on the Millwall Dock quayside at Marsh Wall on the Ise of Dogs. The proposed 218m skyscraper, backed by Hong Kong-based developer the Far East Consortium, would be the fourth highest in Docklands after One Canada Square, the new Landmark Pinnacle residential tower, and the near-completed Newfoundland development. Replacing the six-storey Ensign House built in 1987, the £250m scheme will provide about 600 flats.
Architects Journal (14/10/2020) East London Advertiser (16/10/2020)
Some 75% of homes in some parts of the country are having their valuations reduced by as much as 20% as lenders become increasingly fearful of a sharp fall in house prices. The mortgage broker Private Finance said: "We have started seeing highly significant down-valuations despite increasing asking prices. It is quite possibly the case that valuers are being told by lenders to be cautious." Mortgage broker Magni Finance added: "In the last couple of months, 75% of our remortgage clients have had down valuations of around 10%. Normally I'd expect less than half to be down-valued and those valuations to certainly be less than 10%.” Arnold & Baldwin chartered surveyors said: "It is quite a bullish market. Estate agents are inflating prices trying to outbid one another.”
The Sunday Times (18/10/2020)
The Telegraph reports that up to 200,000 people risk missing out on stamp duty savings because of backlogs in the property market, with people agreeing a sale by next week said to only have a 50% chance of benefitting from the stamp duty holiday rolled out amid the coronavirus crisis. According to Centre for Economics and Business Research analysis, the tax break has boosted transactions by 6%. With the relief set to end on March 31st there are calls for an extension, with housebuilders Barratt andRedrow say an extension will help avoid a slump in sales.
The Daily Telegraph (16/10/2020)