Tuesday, February 12, 2013

London makes pitch for property sales taxes


Sales taxes on houses and apartments in London should be retained by the UK capital's local government to pay for the building of new homes, Mayor Boris Johnson says

The Business Times - February 7, 2013

[LONDON] Sales taxes on houses and apartments in London should be retained by the UK capital's local government to pay for the building of new homes, Mayor Boris Johnson says.

Stamp-duty receipts amounting to £1.3 billion (S$2.5 billion) a year could be used for a 25-year programme to construct one million homes in London, Mr Johnson, who's been mayor since 2008, said in an e-mailed statement yesterday.

"Since I was elected, London's population has grown by 600,000 and is forecast to rise by a further million at least over the next 25 years," Mr Johnson said. "If we do not come up with a new plan to build the homes we need, this great city will suffer and the whole country will feel the consequences."

London home sellers pushed up asking prices by 3.6 per cent in January to an average £480,890, according to property website operator Rightmove Plc. Prices rose 9.7 per cent from a year earlier, the biggest annual increase since February 2010, compared with 2.4 per cent nationwide. – Bloomberg


Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)
Email: marshe_inc@yahoo.com.sg


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