55% of all Brits strongly support the introduction of new laws to prevent gazumping
Over half of UK adults believe caps should be introduced to restrict the type of properties that can be bought by non-UK residents
New research among more than 2,000 UK adults commissioned by Market Financial Solutions has uncovered the top policy reforms UK renters and homeowners would like to see introduced.
Respondents were questioned on the extent to which they supported 11 proposed property sector reforms, ranging from laws on gazumping to changes to Stamp Duty. The research found:
- 55% of all Brits strongly support the introduction of new laws to prevent gazumping, with this number rising to 64% amongst those who own one residential property
- Over half (52%) of all people believe caps should be introduced to restrict the number, value or location of properties that can be bought by non-UK residents
- 49% of UK adults would welcome the introduction of a house tribunal system with the powers to review rent rises on individual properties
- This jumps to 58% for those renting with no intention of buying a home over the coming 18 months
- 47% of those who currently own more than one property are against a cap being put on the number of residential properties owned by one person
- 41% of the UK population support this measure
- Over three-fifths of people (62%) with more than one property support the abolition of inheritance tax on property assets – this ranks as their top policy reform
- 52% of renters with no intention of buying a residential property support having council tax for rental properties paid by the landlord
Uncovering the number of renters and home owners that currently make up the property market, the research found:
- Over half of UK adults (52%) own one residential property in the UK – equivalent to 26.92 million people
- Only 4% of the UK population own two or more residential properties
- 25% of Brits live in rented accommodation and have no intention of buying a property in the coming 18 months
- This compares to 7% of Brits who live in a rental property and are planning to buy a home by 2020
London-based bridging lender Market Financial Solutions (MFS) has commissioned an independent, nationally representative survey among more than 2,000 UK adults to find out which property policies and initiatives the UK public would most like to see introduced. The findings come in light of Kit Malthouse’s recent appointment as Housing Minister.
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Presented with 11 policy proposals, respondents were asked to what extent they agreed or disagreed with the proposed reforms.
The results, detailed in the table below, are broken down into the following demographics: those who rent and have no intention of buying a property in the coming 18 months; those who rent and plan on buying a property in the coming 18 months; those who own just one residential property; and those who own two or more residential properties.
Here are the results, which show the percentage of people that AGREED with each proposed policy reform.
Paresh Raja, CEO of MFS, commented on the findings: “Whether you’re a renter looking to make your first real estate purchase or a homeowner trying to move up the property chain, the UK property market is facing a number of important challenges.
“MFS’ research findings clearly demonstrate the public’s desire to have new laws introduced to prevent gazumping, and in turn, reduce the risk of a property chain collapsing. It’s also 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 – as such, MFS’ research provides timely and much needed insight into the key concerns of people from different segments of the property market.”