Stamp duty for the construction of affordable housing.

The mayor of London Boris Johnson spoke approvingly, after reviewing the new report of the Financial Commission of London, which suggested that all taxes on property should be directed to Finance the growth of cities.

This means that local taxes, stamp duties (What “Stamp duty” ) and taxes the business will be sent within a reasonable investment flows, pushing the financing of specific projects.

Professor Tony Travers, Chairman of the Finance Committee of London, noted in his report that London needs greater financial autonomy, which would strengthen growth and ensure the best development of city infrastructure.

Is critical of the report. Thus, critics believe that in this case the financing of other sectors of the economy will weaken considerably, because stamp duty is one-third of stamp duty across the UK, but generally all I see in the initiative a positive step.

Potential stamp duty London will achieve a 91% increase in the number of affordable homes being built in the capital each year.

United housing Association Net Housing Group has estimated that the average cost of building a typical new housing in London is £ 170,000, the in year budget collects approximately £1.3 billion of This amount would Finance the construction of an additional 7647 units of affordable housing in London annually. In 2012, 8380 units of affordable housing were built in all, thus, the increase in the number of new housing on 7547 is an increase in the number of available apartments by 91 % in a year!!!

Property prices in London rising faster than anywhere else, and the number of buildings at a shockingly low level. There is an urgent need for more affordable housing in the capital. Our advice to investors. New building in Fulham.

Londoners make up 13% of the total population of the UK, but London brought to the Treasury of one third of stamp duty last year. Of course, the Treasury will not be easy to relinquish control over such a significant amount of income, but the situation is becoming such that only drastic measures will contribute to its solution.

This is the view Helen Evans, Executive Director of Net Housing Group

® Alice Morgan 16.05.2013