TPP280: How To Fix The Property Market

The Property Podcast

Rob Bence & Rob Dix

News, Education, Business, Investing, Business News

4.8 • 2K Ratings

🗓️ 26 July 2018

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

It’s widely acknowledged the U.K. housing market is broken. Even the government recognises that it needs to be repaired. So, in this episode we’re going to share our ideas of how things could be improved. We talk about the legal system, stamp duty and what the government can and should be doing to not only stop making things work, but actually start to fix it. NEWS THIS WEEK We’ve got 2 news stories this week and both echo our thoughts on this week’s topics. First is a report about plans to reduce the huge costs of buying a freehold - this bold idea could be a game changer, but as usual there’ll be strong opposition. The second story investigates why housing transactions have slumped. It seems equity release is on the rise. Does this mean more people are simply staying put? HUB EXTRA For those of you who have missed Resource Of The Week, we have good news. Every Friday we are going to be delivering you Hub Extra. A weekly email that will be packed full of things we want to share. From tips, apps and websites to podcasts, quotes and videos; we want to help motivate and inspire you every Friday. This week we’ve highlighted 2 ways to search for podcasts with Listen Notes for desktop and searching for podcasts on your iPhone. JOIN THE CONVERSATION OVER IN THE FORUM Share your stories with us - Join the conversation in the forum. IF YOU ENJOYED THE PROPERTY PODCAST, PLEASE LEAVE A REVIEW ON ITUNES Reviews are really important in helping other people to find the show, so by way of thanks we read out every single review we receive on air. If you’d like to hear your name on the show, leave us a review on iTunes here. Not sure how to leave a review? This video shows you how to review and subscribe on iTunes. See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Hey everyone. Welcome to the Property Podcast. It's Rob B here with of course Rob D and we've got a bumper episode for you this week.
0:09.6	We've got Holiday Reading Material. We've got property transactions collapsing. We've got the
0:14.3	Housing Minister. We launch Property Hub Extra. Oh and we try and fix the property market. Yes, thank you for joining us for the Property Podcast, where every Thursday property investors come
0:30.6	together to be informed and inspired. Today we're sharing our own ideas
0:34.2	about how to fix the housing market. General consensus is that it's broken but no one really
0:38.9	seems to know what to do about it. Well we volunteer our own suggestions and we've got
0:42.4	loads more to pack in as well so we better get on with it. Well, we volunteer our own suggestions and we've got loads more to pack in as well, so we better get on with it.
0:46.1	All right, well, someone must have heard that we were recording this episode today because we've got two news stories this week, both looking at what's wrong with the property market and how to fix it.
0:55.6	The first of those stories is from the Guardian and the headline is,
0:59.1	Radical plans to end huge costs of buying a freehold have been unveiled.
1:04.0	Now we've had lots about leasehold matters over the last couple of years, leasehold houses
1:07.8	in particular have got a lot of publicity and the Law Commission was asked last year
1:12.0	by Sajid Javid to look into what can and the law commission was asked last year by Sadh
1:12.5	Zajavid to look into what can be done about this whole thing
1:16.7	and they've come back with some proposals for how to make it easier and cheaper for
1:20.4	leaseholders to buy their freehold.
1:23.0	So at the moment it can be very expensive to buy the freehold,
1:26.0	if the lease has got fewer than 80 years remaining,
1:28.0	it gets very complicated in terms of how you calculate it,
1:31.0	and it gets even more expensive, they have proposed to simplify it
1:35.5	by saying that leaseholders will just have to pay 10 times their current ground yet to convert the
1:40.7	property from leasehold to freehold. So if you're paying a fairly typical ground rent of
	...

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