Ed Mead, a prominent figure in the property sector, has voiced frustration at the chancellor’s inconsistent approach to economic decisions ahead of this week’s Budget, warning that the UK housing market could be adversely affected by upcoming measures.
Mead, co-founder of Viewber, highlighted growing uncertainty among buyers, sellers, and investors as policy signals appear to shift in the run-up to the Budget. Analysts say that any changes to taxation, lending rules, or housing incentives could influence affordability, market confidence, and transaction volumes, making this week’s announcements particularly significant for homeowners and renters alike.
In a video posted on his LinkedIn page, Mead described himself as “angry” over the ongoing uncertainty ahead of Reeves’ Autumn Budget announcement, criticising it for “flip-flopping” over what to do when it comes to policy announcements.
Drawing on more than 40 years of experience in the property market, he said Reeves seems unaware of the “damage” her indecisive approach to the economy and growth strategies is causing the housing sector.
Mead believes that Reeves and her colleagues in government have no idea what they are doing when it comes to “flip-flopping” on income tax or reaffirming what do when it comes to property.
“I don’t think thay have any idea that UK property PLC is probably worth, general thinking, about 10% of UK PLC. That is an enormous number and yet they’re persisting in thinking about bringing in a CGT for properties of £1.5m, creating a terrible cliff edge and enormous expense for people wanted to move. So what do they do? Not move!”
Mead went further in criticism of the current government:
“They are talking about a 1% tax on value of properties over £2m. How do they think most people are going to pay that after income tax?
“Then they are talking about doubling council tax over £750,000. These people who are going to stop spending money on their properties because they are going to have to pay the government. It’s just completely ridiculous.
“I don’t think this government have any idea what they’re doing and they are going to wreck the property market. Every time somebody moves. Moving has been damaged so much of the years due to increases in stamp duty, so they are already moving less.
“Every time somebody moves it’s people in local business selling them carpets, white goods, paints, local people coming out to do the painting… oh my god, I don’t think they have any idea what they are doing.
“I would urge anybody listening who has any influence in government circles at all, or access to Rachel Reeves to please, please not turn your attention to the property market in a negative way, because there is a very, very good reason why nobody has done it before, and it would be very, very damaging if you do it now.”
Read the orginal article: https://propertyindustryeye.com/ed-meads-warning-dont-let-rachel-reeves-near-the-housing-market/?utm_source=rss&utm_medium=rss&utm_campaign=ed-meads-warning-dont-let-rachel-reeves-near-the-housing-market
