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TODAY'S OTHER NEWS

30 sellers to each buyer if Corbyn wins, predicts anti-Labour agent

A stridently anti-Labour estate agent has launched a stinging attack on the Opposition’s policies and has issued a stark warning of what a Jeremy Corbyn-led government would mean for the housing market.

Trevor Abrahmsohn, head of north London high-end agency Glentree Estates, says some middle and upper middle class voters are already “prepping for a financial holocaust scenario” should Labour win the election on December 12.

“The flight of capital and wealth creators from this country will happen within the blink of an eye. In London alone, the result will be at least 30 sellers of residential property to the one buyer, who will inevitably be an opportunist thief” predicts Abrahmsohn.

In characteristically colourful language, he adds: “Corbyn's unappetising banquet of depravity will feature rent controls, mansion tax, garden grabs and compulsory purchase of empty properties. Oft-touted as the party of the underdog, Labour has always had a penchant for the 'marginalised and vulnerable' therefore tenants will be given a Right-to-Steal while homeowners will be staring at a pit of negative equity, as values sink below borrowings.”

And he warns: “The 70s' property depression will seem like a period of economic boom by comparison.”

In his latest blog on the agency’s website, Abrahmsohn makes clear his support for a Boris Johnson-led government but he is not beyond criticising some parts of the Conservative party.

He says the stamp duty reforms introduced at the end of 2014 - and which have been held as partly responsible for London’s difficult housing market in recent years - were the fault of “hapless choirboy Chancellor Osborne” whose reform “cost the economy a huge amount as well as the Treasury, at least £1 billion per year.”

Abrahmsohn says a Johnson-led government would - if it introduced further stamp duty reform - see property values recover as part of a wider economic revival.

  • icon

    Hard to disagree with these thoughts. If you feel differently, care to explain?

  • Paul Barrett

    An evil Labour Govt would devastate the UK economy for a generation.
    Nobody with any interest in property should vote Labour.
    Unless of course they don't mind having their asset value stolen from them.
    No Tenant of a private LL should vote Labour.
    Unless they don't mind being made homeless as their LL sells up.

    Only idiot private tenants will vote Labour.

  • icon

    I would certainly welcome a crash of house prices. I would say around 40-50% would put the country back on course to where it should be. House prices have artificially risen due to the ease that individuals could buy second/third homes for renting out. Stop this practice and prices will become more affodable for new buyers. Once more of society owns their own property families will be happier to spend more on other things and the economy will take off. Simple economics that the U.K. seems to have forgotten

    Paul Barrett

    Absolute twaddle!
    There had been no ease of buying.
    In case you aren't aware BTL involves putting down substantial deposits which residential mortgage applicants AREN'T required to do.
    No LL EVER prevented anyone else from buying
    Property prices have risen in response to demand especially in the SE.
    Mostly caused by MASS UNCONTROLLED IMMIGRATION.
    YOU simply cannot absorb 10 million migrants in addition to indigenous population growth all of whom want to live in the SE and NOT expect prices of a scarce resource to increase in price
    Couple that with the lamentable small amount of properties being built. We
    It should be no surprise to anyone that prices have increased.
    If you closed the borders tomorrow it would take about 30 years for supply and demand to reach equilibrium.
    That is never going to happen..
    Demand wi keep prices increasing.

     
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