Almost two thirds, 61 per cent, of property investors don’t expect the government to meet its target of building one million new homes by 2025.
However, they largely back the new government’s proposed reforms to the property market.
According to a new survey from London-based property introducers FJP Investment, 70 per cent of property investors are in favour of the proposal to introduce a three per cent stamp duty surcharge for non-UK buyers.
Meanwhile, 68 per cent support plans to give residents more say in the style of new-builds in their local area, and 60 per cent gave their backing to a ban on the sale of new homes as leaseholds.
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Yet despite being largely in favour of the proposed property sector reforms, property investors were dubious about the government’s ability to deliver on its promises.
Among the 750 UK-based property investors who took part in the survey, 41 per cent said that they don’t expect the government to get Brexit done by 31st January 2020. A further 43 per cent do not think the new Conservative government will bring stability to the UK economy.
“The December 2019 General Election might have been dominated by Brexit, but the Conservatives also promised many potential reforms during the campaign,” said Jamie Johnson, chief executive of FJP Investment.
“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.”
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