FJP Investment: Property developers lack belief government plans will be delivered
The majority of property investors support many of the new Conservative government’s proposed reforms but lack in faith in their ability to deliver on their promises, investment firm FJP Investment has found.
Some 70% are in favour of the Conservative Party’s proposed plans to introduce a 3% stamp duty surcharge for non-UK property buyers.
Almost seven in 10 (68%) back the move to give residents more say in the style of new builds in their local area, while 60% support banning the sale of new homes as leaseholds.
Of the other election promises over half (59%) would be happy to see income tax rates frozen for the next five years, whilst 54% are in favour of not raising capital gains tax between now and 2025.
However over two fifths (41%) believe Boris Johnson will fail to get Brexit done by 31st January 2020, 61% expect the government to miss its target of building one million new homes by 2025, and 43% do not think the government will bring stability to the UK economy.
Jamie Johnson, chief executive, FJP Investment, said: “The December 2019 General Election might have been dominated by Brexit, but the Conservatives also promised many potential reforms during the campaign.
“Our research shows that when it comes to the property market, the majority of UK investors are in favour of their key policy ideas, including a stamp duty surcharge for overseas buyers and giving local residents greater say in new-build developments in their area.
“However, the question now is whether Boris Johnson and his team can deliver on their promises.
“And at present, a great many property investors in the UK doubt that they can – particularly when it comes to getting Brexit done, building more new homes and stabilising the economy.
“Evidently, in these opening weeks of 2020, the government must instil greater confidence and start to act on its campaign promises.”
Elsewhere, the majority (58%) said they were concerned the government is ignoring important domestic issues in favour of Brexit.
Meanwhile 36% have called on Boris Johnson to soften the government’s stance on property investors and buy-to-let landlords in terms of regulation and tax.