In his 2011 novel, The Sense of an Ending, creator Julian Barnes’ protagonist, pensioner Tony Webster, says: “Life appeared much more of a guessing recreation than typical.”
I can’t assist pondering issues really feel a bit like that now.
In this business we’re used to our legislators creating confusion and distraction. But the Treasury’s a number of property tax proposals seem like taking issues to a brand new degree. It is a protected guess that they gained’t all come into legislation however kite flying of this magnitude is seldom a very good factor.
We stay in a world now the place it has grow to be commonplace follow for presidency policy (or potential policy) to be put out into the media for hypothesis. The Speaker of the House of Commons, Sir Lindsay Hoyle, has visibly aged (and he didn’t look younger in the first place) as successive administrations have most popular to leak policy to the media first somewhat than put ahead a most popular and costed choice for scrutiny earlier than the House.
A extra optimistic property market throughout October and November dangers being subdued by an ill-conceived, government-induced limbo
In the present occasion, it’s barely totally different as it’s extra of a gradual drip-feed of attainable choices. The variety of tax proposals being mooted makes life very tough for anybody concerned in shopping for or promoting property — goalposts will undoubtedly transfer, however which of them and the place?
To recap — as there’s quite a bit to digest — there’s a possible mansion tax on houses price over £1.5m; a attainable nationwide property tax paid by owner-occupiers on houses price greater than £500,000 on sale; an area property tax to interchange council tax; and growth of National Insurance to incorporate landlords’ rental earnings.
If you have been being charitable, you can say the authorities is testing the water on which tax choices are extra palatable. Nothing being left off the desk — exploring all avenues, etcetera, etcetera. Or you can argue that what this policy kite flying actually reveals is an absence of conviction, which in the end results in pointless confusion, nervousness and hesitancy.
The Treasury’s a number of property tax proposals seem like taking issues to a brand new degree
With the Autumn Budget not till 26 November, the uncertainty is about to tug on. Whether you’re shopping for, promoting, letting or renting property, it is a testing time — as it’s for brokers, who’re having to advise with out understanding how the lay of the land will change.
A extra optimistic property market throughout October and November dangers being subdued by an ill-conceived, government-induced limbo.
This article featured in the October 2025 version of Mortgage Strategy.
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