Arada UK boss’s three-point plan to get Britain’s building industry bouncing
The boss of Arada UK has put forward his proposals to get "spades in the ground" to boost the UK’s property-reliant economy. Jonathan Seal, chief executive of the Sharjah-based developer 's UK arm, has made three suggestions he believes would to speed up housebuilding and restart the property market: ease lending to first-time buyers, update stamp duty and simplify planning. He put forward his…
Jonathan Seal, chief executive of Arada UK, has outlined a three-point plan to stimulate the UK's property industry and boost the economy. During a recent visit to Downing Street, Seal proposed easing lending for first-time buyers, updating stamp duty, and simplifying the planning process. Arada UK recently acquired Regal London and a Thameside West waterfront regeneration project, and has embarked on several new residential and commercial projects in London.
Despite these efforts, the property market remains sluggish, with London prices down 20% from their 2014 peak, and July sales down 11.5% compared to the same period in 2020. Seal suggests that the government should make stamp duty a seller responsibility to encourage first-time buyers, push banks to lend more to these buyers, and streamline the planning process to expedite housebuilding.
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