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  • Neil Harrison

'Elect' to improve, re-furbish or extend your home in 2020 instead of casting your vote to make a...

Updated: Jun 23, 2023

It's just a matter of days now until you have to decide who to vote for in the up and coming general election. Whoever you do favour, we at Mint Builders, along with numerous experts, feel that the Election won’t necessarily aid the stumbling housing market for a good while yet.

As you may have read here on this blog - all of the uncertainty re Brexit and this troubled Winter election is serving to reinforce the view that moving house in 2020 is best avoided if possible. As we have been saying, if you need more space- and who doesn’t these days - it seems, it’s all about ‘improve and extend’ instead of moving home for 2020.

overview

But, amidst the noise of leader harangues, debates and interviews, we note that the ever involved Home Owners Alliance have been playing spot the difference with the manifestos so you don't have to. They are offering an overview in their latest newsletter highlighting what the political parties might be promising for home-owners of all types. They also highlighted their lively campaigns and observations that they are throwing into the Election ‘mix’

cut that VAT

We at Mint were particularly pleased to see that this week the HomeOwners Alliance wrote to all party leaders asking them to cut the VAT on home improvements. Quite right too - a VAT cut could generate £15bn in new taxes, create 95,000 jobs and and unlock a £1bn green revolution.

home improvements

The HOA are adamant that their campaign is all about slashing the cost of home improvements which includes carrying out out essential maintenance and repairs which come at a huge price to home-owners when you add VAT. The HomeOwners Alliance is campaigning to make home improvements more affordable for home-owners – by dramatically reducing this punishing VAT.

avoid VAT

Adds the HOA - Our recent national survey, Resi architects and YouGov found that a third (31%) – approximately 5.3 million – of UK home-owners pay cash to avoid VAT to afford home improvements. Meanwhile, VAT costs are deterring almost a quarter (23%) – roughly 4 million – of home-owners from improving their homes. The survey also found that 8 in 10 (79%) home owners have faced obstacles with their home improvement plans.

makes sense

There are several reasons why cutting VAT makes sense say the HOA - 'Adding VAT to home improvements means they are not affordable for many people. Our research shows VAT at 20% can make the difference between carrying out a home improvement and not. After spending thousands buying a home – a good chunk of which is paid in stamp duty tax to the Government –the Government then expect you to pay them an extra 20% when you improve it. Find out more about the campaign here.

extending and improvingtgaging

Another key - happily more positive issue when it comes to extending and improving instead of moving - is the very active opportunities now on offer in the Re-mortgaging market. The HOA points that the number of people re-mortgaging has soared to a two-year high as home-owners take advantage of lenders’ end-of-year price war to lock into a good deal.

extra space

People are often switching to a new mortgage to cover those extension and renovation costs which helps them get much needed extra space and thus avoid a 2020 home move and the expense involved. The HOA knows the new deal opportunities. Check out here everything you need to know about remortgaging.

Find out all about the Home Owners Alliance and sign up to their Newsletter by visiting:- www.hoa.org.uk

If you are voting for refurbishment, improvement and extension of your home for 2020, Mint offers a full development and finishing service to add value to your home. We are here to help with any questions or concerns you may have. We have all the expert contacts on hand to help you.

Whatever your need, please request your 'Extend Instead' quotation to improve, refurbish or extend your home . Contact Mint Builders on 01242 279739or email info@mintbuilders.co.uk

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