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.