How does the 2014 Autumn Statement affect you?

Politicians can only help create the economic climate in which industry (including house building) can thrive, thus helping to improve employment opportunities. Unfortunately, developers are more interested in big profits than simply building houses, so many of them have been land banking during recessionary times – they will build and sell when the market is right for them, which will not result in cheap housing – that will never happen. The change in the way stamp duty is calculated will make the tax much fairer than it has been in the past, by reducing the hike in tax paid at specific thresholds. It will be more evenly calculated and help a lot of buyers, but at the same time will increase the amount collected at the higher end of the market.

Mr D Cummings – I quite agree – In fact successive governments have failed to build enough homes for many decades – as a consequence, this has caused property prices to rocket and outstrip peoples ability to keep up with the inflated prices. Most Young people today will find it impossible to ever own their own homes unless they are in the position where their parents can provide a substantial deposit.

This is a regional thing. In some parts of the country there are plenty of houses at affordable prices. The problem is the distribution of work. So long as everybody has to pile into London & the South East, where getting less property for more money is reaching ludicrous levels, hardship will persist. I would prefer to see the government taking bigger steps to shift work nearer the population than pressing housebuilders to throw up flats on every square inch of land and landlords to convert every terraced house into apartments. I agree with AQ on the benefits of the new Stamp Duty Land Tax scales, and to the extent that the Chancellor didn’t seek any correction of the distortion in L&SE by introducing differential regional bands then there might be some self-propelled movement of London employers to provincial locations if they cannot attract the workers they need.

The prices reflect what the majority of people can borrow, not what they can afford. The more they are allowed to borrow, the more they bid to compete with each other. Prices rise higher, and people have to stretch themselves further and further. Auctioneers and estate agents exhort people to bid a bit more or regret it forever after. Lenders are forced to offer more and more unreasonable income multiples.

As far as moving (exchanging one residence with another) is concerned, the legal professions (solicitors, accountants, estate agents, independent financial advisors) have failed the public by ratcheting up the uncertainties and stress involved more every year.