Brits support laws to prevent gazumping

Michael Lloyd

August 8, 2018

Some 55% of all Brits strongly support the introduction of laws to prevent gazumping, with this number rising to 64% amongst those who own one residential property, Market Financial Solutions has found.

Over half (52%) of all people believed caps should be introduced to restrict the number, value or location of properties that can be bought by non-UK residents.

And 49% of UK adults would welcome the introduction of a house tribunal system with the powers to review rent rises on individual properties. This jumped to 58% for those renting with no intention of buying a home over the coming 18 months.

Paresh Raja, chief executive of MFS, said: “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.”

Some 47% of those who currently own more than one property were against a cap being put on the number of residential properties owned by one person, while 41% of the UK population supported this measure.

Over three-fifths of people (62%) with more than one property supported the abolition of inheritance tax on property assets, which ranks as their top policy reform.

Furthermore 52% of renters with no intention of buying a residential property supported having council tax for rental properties paid by the landlord.

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.

Some 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.

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