AT A GLANCE

Yorkshire Post - Property - - PROPERTY -

HIPs: To be abol­ished as both Con­ser­va­tives and Lib­eral Democrats men­tioned scrap­ping the Home In­for­ma­tion Pack in their man­i­festos. HIP providers are lob­by­ing for con­sul­ta­tion and want a re­vised but still com­pul­sory HIP.

In­her­i­tance tax: The thresh­old will stay at £325,000 for now as the Con­ser­va­tives have shelved plans to in­crease it to £1m.

Cap­i­tal Gains Tax: This af­fects prop­erty in­vestors and sec­ond home own­ers if they make a profit when they sell their prop­erty. It is now 18 per cent of the gain and there are fears it could rise to as high as 40 per cent.

Plan­ning: The Con­ser­va­tives want plan­ning re­form to make it eas­ier for coun­cils to grant per­mis­sion but this may take time as they con­cen­trate on other is­sues.

Greener homes: The Lib­er­als pro­pose green grants and Con­ser­va­tives want to cre­ate fi­nan­cial in­cen­tives for home­own­ers to make their prop­er­ties more en­ergy ef­fi­cient, but with a huge bud­get deficit there may not be money in the cof­fers for these mea­sures.

In­ter­est rates: These should stay low for at least an­other year and pos­si­bly be­yond, ac­cord­ing to Hal­i­fax chief econ­o­mist Martin El­lis.

Mort­gage lend­ing: Will prob­a­bly re­main tight though there are more 90 per cent loan to value deals around. im­prove the en­ergy ef­fi­ciency of their prop­er­ties.

The Tories also want a re­vised plan­ning process and sug­gest abol­ish­ing plan­ning in­spec­tors’ pow­ers to re­write lo­cal plans; en­cour­ag­ing lo­cal au­thor­i­ties to com­pile in­fra­struc­ture plans; giv­ing lo­cal plan­ning au­thor­i­ties a duty to co-op­er­ate across bound­aries and al­low­ing neigh­bours to pre­vent “gar­den grab­bing”.

They also want to change use­classes to make it eas­ier for build­ings to be re-used.

But with the em­pha­sis on get­ting the coun­try out of debt, tack­ling prop­erty is­sues may be on the back burner.

Tim War­ing, part­ner at Knight Frank, Har­ro­gate, says: “HIPs are be­ing abol­ished but I doubt that we’ll see a plan­ning over­haul soon and I don’t think the Lib­er­als’ plans for a man­sion tax or VAT on all new hous­ing will ever see the light of day.

“This coali­tion has more press­ing is­sues to con­tend with.”

That is un­less there is an­other elec­tion and the book­ies say that there’s a 50/50 chance of that hap­pen­ing.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.