Find your best local estate agent Start here
March 30, 2015
7 minute read
The survey shows support for advertising new homes in the UK before they are marketed abroad (80%). Such policies are much more popular than introducing a new annual property tax or “mansion tax” (60%), raising the threshold of inheritance tax (51%), or ending right to buy (42%),
The public wants fairness in the property market. The survey, carried out by YouGov, found that the overwhelmingly most popular policy would be a requirement for developers to market homes in the UK before marketing them overseas, a policy put forward for Londoners by Boris Johnson, with 80% of adults supporting it and only 3% opposed. It means that the most supported housing policy amongst UK adults is not being offered nationally by any of the main political parties in the upcoming election. It is the most popular housing policy in all regions of the UK apart from Scotland.
The second most popular housing policy, proposed by Labour, is charging higher council tax rates on homes that are not occupied year round, with 70% supporting it, and only 13% opposed.
There is support for increasing tax on homes worth over £2million, but the preferred option is introducing a new higher rate council tax band (supported by 68%, and proposed by the Liberal Democrats), rather than a new annual tax, or so-called “mansion tax” (supported by 60%, and proposed by Labour). Amongst those who value their own homes as worth 500k+ there is a massive 37% difference of opinion. 7 out of 10 support an additional top band of council tax on homes over £2 million, compared to one-third who support a new annual tax on property over £2 million.
Government initiatives to help first-time buyers tend to be popular, such as extending the Help to Buy 5% deposit scheme (supported by 65%) and the Starter Home Initiative (offering discounted new homes to first time buyers and supported by 61%). This suggests that the recent Help to Buy ISA could also prove to be popular.
There is a desire among homeowners to raise the threshold of inheritance tax, with 58% supporting it. Support for the policy is higher amongst those who are older and those who have higher value homes, with 82% of those who value their homes as worth over £500,000 supporting it. However, only 40% of non-homeowners support the policy, with the average across the adult population being 51%.
In terms of building more homes, there is little support for building on Green Belt Land, even if it is deemed to have minimal environmental or amenity value. The building of new towns and Garden cities is the preferred option.
“People strongly believe homes are for living in, not speculating with or leaving empty. With an acute shortage of housing, the priority for the public is to ensure that those who want to own the roof over their head are not at a disadvantage to foreign buyers and those who have second homes. Too many people are struggling to get on the housing ladder, and often end up feeling the system isn’t fair – it is time that politicians acted to level the playing field. Homeowners are pragmatic about increasing taxes on higher value properties, but clearly prefer it to be done by introducing a new higher-rate band of council tax, rather than the so-called mansion tax, an entirely new tax on property imposed by national government. Homeowners are generally keen to be able to pass on their family homes to their children, which is why there is support for an increase in the inheritance tax threshold.”
“The unwavering popularity of initiatives to help first time buyers is no surprise and we applaud anything to help give aspiring homeowners a foot on the ladder. However the buck does not stop there and the whole industry needs to get on board to meet this increasing demand for homes. We need to make sure that we are building homes to last rather than simply chasing a house building statistic. Opposition to building on Green Belt Land highlights one of the biggest challenges faced by developers today – the shortage of available land. With solutions to the problem few and far between, we welcome any move to enable communities to take back under-used or unused land owned by Local Authorities.
“Current and aspiring UK homeowners want radical action from politicians to fix Britain’s housing market. As the general election approaches, the most popular housing policies are those that make the best use of the housing that is being built by ensuring that homes are not left empty or sold to foreign investors before they are even offered to domestic buyers. The Help to Buy Scheme has already given a really important boost to the UK’s housing market, making it very popular – a large majority want it extended. The housing market will clearly be a key battleground of this election so the big question is whether any of the political parties have any manifesto surprises up their sleeves for UK homebuyers.”
In addition to our annual Homeowner Survey, previous publications include:
October 30, 2024 
