1
Jul
A GAME OF TWO HALVES
What a game! The English have long been used to the highs and
especially the lows of their national obsession.
All the early hype leads to such lofty expectations. It is only
later that frustration and disappointment invariably sets in.
The media and pundits don’t really help. The public are
led to think nothing can go amiss. But then one careless move and
all is undone and we stare defeat in the face.
Yes, the property market is a funny old game; and boom and bust
certainly make it one of two halves. It’s a bit like
football. Witnessing our new coalition government possibly let the
slowly improving property market slip through its fingers was
rather like seeing the England goalie spill the ball and watching
it inexorably, and, with agonisingly slow but inevitable progress,
roll through the gaping and unguarded stanchions. Excruciating.
The pre-election hype was all there as usual – what would
be done to build up the property market if the Tory team got
through – and the Tory team did get through, but only on goal
difference. Post election, an early score from the home team in
stopping Home Information Packs put them on the road to victory.
But then came the Budget. Putting a hefty increase on Capital Gains
Tax could have been a tournament-losing goalmouth blunder.
Many people searching for property right now are, by necessity,
cash buyers - others are finding it a challenge to secure a
mortgage. Had a very high rate of CGT been imposed, investors would
have had to think much more carefully about second homes or
buy-to-let properties. But the Government have largely avoided a
damaging own goal through a more modest increase. Now they need to
get lenders to release more money to first time buyers. This would
be a spectacular counter attack and would get us all right back in
the game.
Let us hope that this new manager, Cameron, can get his players
to keep to the game plan and that our forwards, Osborne, Alexander,
Cable and Shapps all play a blinder. Most of all, let’s hope
no-one breaks anything - like the bank! Or that they all play
beneath their potential - like another team we could mention!