Britons spell out property reform wish list
UK homeowners and renters have laid out their wish list for dream property reforms over the next few years.
The research, which was carried out by Market Financial Solutions, asked 2,000 British homeowners and renters to put forward their opinions on 11 potential changes to the law.
One proposed reform which received widespread support in the survey was the introduction of new laws to curb so-called ‘gazumping’ – where homebuyers lose out on a property purchase after a rival purchaser makes a higher offer at the last minute.
More than half (55 per cent) of the homeowners and renters surveyed said that they ‘strongly supported’ the idea of property sector reforms which would help to ban or prevent this practice.
However, the number one ideal reform cited by the most survey respondents was the abolition of Inheritance Tax (IHT) on property assets.
Furthermore, 52 per cent of respondents said that they would like to see restrictions imposed on the number, location or value of homes that can be purchased by overseas buyers – amid concerns that the UK is suffering from a housing crisis characterised by a shortage of homes.
49 per cent added that they would like to see a property tribunal system introduced to oversee issues such as landlords increasing rents on individual properties.
Other reforms which received widespread support were the introduction of a ‘cap’ on the number of residential properties any one individual can own, and shifting the council tax burden from renters to their landlords.
The study’s authors said that the findings made it clear that the UK’s property market was facing “a number of challenges” at the present time.