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Ban gazumping and restrict overseas owners, public agree

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  • 08/08/2018
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Ban gazumping and restrict overseas owners, public agree
Laws to restrict gazumping and limit the influence of overseas property owners would be the most popular property policy interventions with the public, according to research.

 

Bridging lender Market Financial Solutions surveyed 2,000 UK adults suggesting a range of property-related initiatives for the government to bring to the country’s real estate market.

More than half of those surveyed said they would like to see a law banning gazumping, at 55% and this rose to 64% among those who own a residential property.

A majority believe caps should be introduced to restrict the number, value or location of properties that can be bought by non-UK residents.

A similar number at 49% would welcome the introduction of a housing tribunal system with the powers to review rent rises on individual properties.

This recognises concerns raised about how the housing market is currently regulated, which the government is currently consulting on.

The least popular of those ten initiatives suggested was reforms to stamp duty so that it is payable by the seller as opposed to the buyer, which garnered just 19% support.

 

Demographic divergence

MFS said gazumping remained a major contributing factor for property chains collapsing. Earlier in the year, its research found that with 39% of people who have experienced a property deal fall through stated it was due to the seller accepting a better offer from another buyer.

The lender said that analysis of the research based on different demographics revealed a significant – and understandable – divergence of priorities between renters and homeowners.

For example, 41% of the UK population support a cap being placed on the number of residential properties that can be owned by a non-UK resident.

However, 47% of those who currently own more than one property were against such a cap being placed.

 

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