What the New Freeports with Low-tax Zones Will Do to Property Prices?
It was announced yesterday, that Eight English ports are to become freeports under plans announced by the chancellor, who said his policy for the controversial low-tax zones would “exemplify the future economy” and “unlock billions” in investment, trade and jobs. One can only imagine what it will do to property prices. Property prices in the NE have just started surging after sitting dormant since the last property crash in 2008.
Businesses located within the freeports will benefit from tax breaks including no stamp duty, full rebates for construction and machinery investment, five years of zero business rates, and lower tariffs and customs obligations.
The areas include including Felixstowe, Liverpool, Hull, Southampton and London Gateway. Plymouth, Teesside and a zone around East Midlands airport.
We have many properties that are on social contracts in Teeside. These properties have no voids, no managment and maintenance covered up to 5,000 per year except structural issues.
The freeport would “see innovative, fast-growing businesses hiring local people into decent, well-paid, green jobs”. Just imagine what it will do to properties