The UK is not the only country in the world with a perilous property situation. Other countries are experiencing market challenges but dealing with them in different ways.
From Australia to Canada and even European neighbours like Denmark, France, and Switzerland, national governments are coming up with creative ways to minimize the housing squeeze. Can the UK housing crisis benefit from any of them?
Higher Stamp Duty in Australia
Australia has taken several measures to improve its property situation, such as an empty homes tax and Stamp Duty surcharge for overseas investors.
Last year New South Wales introduced a foreign investor surcharge of 4%, doubling to to 8% in July. Victoria brought in a tax of 1% multiplied by the capital improved value on homes that have been empty for six months or more.
Britain is also experiencing issues with foreign investors buying property and leaving it vacant for months at a time. Conservative think tank the Bow Group stated three years ago that if this trend continues, the UK could keep producing new homes without British people being any better off.