Submitted by Mohammed Mansha on Wednesday 15th June 2022
Published on Tuesday 21st June 2022
Current status: Closed
Closed: Wednesday 4th January 2023
Signatures: 46
Relevant Departments
Tagged with
Bank of England ~ Banks ~ England ~ Government ~ House prices ~ INCREASE ~ Individuals ~ inflation ~ inflation rate ~ Mortgage ~ mortgages ~ Price ~ property ~ Ratings ~ Ratio ~ Stamp duty ~ Target ~ The Bank of England ~ The Government ~ Time ~ Wellbeing
Increase stamp duty on all second home and buy-to-let purchases
Currently the average house price to earnings ratio is at a record high. It’s becoming nearly impossible for first time buyers to own a house to live. An increase of stamp duty to 20% for all second property purchases could reduce demand for buy-to-let mortgages and second home purchases.
This reduction in demand may bring house prices back within the reach of first time buyers.
Having your own place and no fear of eviction, is necessary for the wellbeing of all individuals.
In the same way the Bank of England targets an annual inflation rate below 2%, the government should target an average house price to earnings ratio below 5.
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13.59.112.169 Thu, 21 Nov 2024 11:16:01 +0000
