Friday, March 16, 2012

Countrywide in profit warning subtext

Countrywide boss calls on Chancellor for FTBs' tax breaks

Countrywide, the UK’s largest estate agent, has called on the Government to act now to boost the property market, saying that the current low level of house sales is ‘unsustainable’. The NAEA has also made representations to Chancellor George Osborne, asking for there to be no further property taxes but for Stamp Duty to be reformed. Countrywide is calling on Osborne to introduce mortgage relief for first-time buyers, set tough mortgage lending targets for banks, provide tax breaks for the private rented sector, and introduce incentives for development projects. Grenville Turner, group chief executive of Countrywide, said: “A recovery of the housing market is fundamental to economic recovery.”

Posted by sibley's b'stard child @ 03:18 PM (2056 views)
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9 thoughts on “Countrywide in profit warning subtext

  • We’ll go from Countrywide to countywide if we dont get lots of Government help and fast.

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  • mark wadsworth says:

    “mortgage relief for first-time buyers”

    They (want to) own land! Give them money!

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  • sibley's b'stard child says:

    ‘..provide tax breaks for the private rented sector…’

    They have rental yields; make them greater!

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  • remember this is Friday afternoon, comedy hour.

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  • Barf

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  • icarus – yep and one of the comedy club regulars Peter Bolton-King has today resigned, as has Hector (pants) Sants and The Archbishop of Canterbury (well they do say things come in 3’s)

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  • mark wadsworth says:

    SBC, the sad thing is, this will not increase rental yields, as the rents they can collect are a known and fixed figure – it will merely push up the price which investors are willing to pay for housing*, and as the cost of bricks and mortar is a known and fixed figure, it will merely push up the price of land, it is a one of transfer of wealth to those who own land at the time the tax break is introduced.

    For example, if rent for a home = £5,000 and income tax is currently 20%/£1,000, investors look at net income £4,000 and divide it by expected return 4% (i.e. the rate that they can get elsewhere, adjusted for risk and so on) and are willing to pay £100,000 for that home. If rental income is now declared tax free, the investor divides £5,000 by 4% and is willing to pay £125,000 for that home.

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  • Yes, as a wannabe FTB – unless there are reasonably priced properties that’s not going to make me buy. Moreover, it will completely push me into the renting for the rest of my life

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  • sibley's b'stard child says:

    Thanks MW.

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