Labour Sets Out Its Property Stall

As Labour beds in and spreads its manifesto tentacles - all eyes and ears are on next steps in the property arena. We can likely expect to see changes to Capital Gains Tax and Inheritance Tax and we know that Labour will be pushing ahead with proposed reforms to Non-Dom status, and will also increase the Stamp Duty Land Tax surcharge for overseas buyers by an additional 1%.

It's important to note however, that leaders from Britain’s business community, figures such as Sir Jim Ratcliffe and John Caudwell – a major investor in Mayfair real estate – are supportive of the new government. They highlight that the raised revenues will be invested in the UK’s economy and infrastructure, which should help the economy to grow, making London a desirable place to live, work and invest.

Labour is also committed to building 1.5 million new homes during the first five years of their administration, overhauling the planning system so that new residential development can be fast-tracked and restarting new housing targets for the various local authorities. All of this should be welcomed. It should be noted that the London property market historically has done well under Labour governments, and there is no reason why this should not continue under Sir Kier Starmer.