The latest housing minister has been revealed as the prospect of Stamp Duty reform returns to the property market.
New ministerial appointments were delayed after the Queen passed away and the national period of mourning began, but new Prime Minister Liz Truss has now restarted her reshuffle.
Lee Rowley, Conservative MP for North East Derbyshire, was last night officially named as the new housing minister.
Housing Secretary Simon Clarke made the announcement in a tweet at 917pm yesterday.
Clarke said: “Lee is a huge intellect, a great friend and is keenly committed to building the homes we need.”
Additionally, it can also be revealed that Rowley once worked for an estate agent.
Rowley's agency experience was divulged in October 2021 during a debate on supporting small businesses and the importance of the high street.
He said: “I have seen it as the son of a sole trader who spent 40 years in business in his local community… I have also seen it as somebody who had a job on the high street in Chesterfield with an estate agent and who spent his dinner hours stocking a newsagent’s so that they could continue to trade.”
A tweet from Rowley last night said: "A big job ahead to further help raise standards & service across the sector, to improve how planning works for local communities and, vitally, to empower more people achieve their dream of home ownership."
Rowley has been an MP since 2017.
He was only appointed Under Secretary of State in the Department for Levelling Up, Housing and Communities on 7 September 2022, replacing Eddie Hughes and taking charge of the rental reform agenda.
He was previously Parliamentary Under Secretary of State in the Department for Business, Energy and Industrial Strategy and Government Whip, Lord Commissioner of HM Treasury between 17 September 2021 and 6 July 2022.
Rowley replaces Marcus Jones, who left the housing brief earlier this month after just two months in the role.
It comes amid reports that Chancellor Kwasi Kwarteng's mini-Budget on Friday could include a Stamp Duty cut to boost the property market.
The Times reports this morning that Truss believes cutting Stamp Duty will "encourage economic growth by alllowing more people to move and enabling first-time buyers to get on the property ladder."
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Why on earth would a stamp duty cut be considered when interest rates are going up?
Mobility of labour for one - restrictive taxes prevent people moving to fill skills gaps which fuel growth. Stamp duty is far too high. You can often lose a years net salary in stamp just moving to a new job.
Interest rates are raised to hopefully control inflation. Tax cuts hopefully promote more activity.
Good way to increase yield on property sales as this will continue to inflate house prices.
Will become an issue as remortgage time comes around and tyical mortgage rates exceed 6%, as they already do in the United States. But that's really a buyers problem.
And this weeks Minister is..... here today gone tomorrow.
The cynical might think housebuilders with politicians in their pockets might have been lobbying hard after becoming addicted to the heroin of stimulus post Covid.
The same housebuilders worried that with just six months until the end of H2B and average completion timescales of, ooh, about six months........ They might need more assistance.
Housebuilders profits and the bubble take precedence.
Actually coming up with reform to target 250k units being built per year and have supply match demand is clearly too difficult.
Oh, and wouldn't suit the big housebuilders profit margins.
The psychology post 2007-2009 recession is all wrong. Very wrong.
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