An agency bond says Labour’s plan to slap VAT on private school fees will have a positive effect on pricing of homes near sought-after state schools.
Dominic Agace, chief executive of the Winkworth franchise chain, believes there will be up to a 20% premium on homes near good state schools if the move to impose VAT on private schools goes ahead.
He says: “Parents are facing a big squeeze – a combination of VAT on school fees, and mortgage costs have risen. The VAT move will be a game changer.
“I think we will see more parents opting for a hybrid version, a mix of private and state schools. The result will be up to 20 per cent premium on homes near good state and grammar schools. We will also see an increase in down-sizers as many battle to keep their children in [private] education.”
If Labour wins the July 4 election it is unclear when the private school fees VAT imposition would take effect.
Labour’s housing spokesperson, Bridgit Phillkipson, told LBC this week: “It’s subject to any decisions that will be taken as part of the budget process. I’m not going to commit to a date precisely because it will depend on the parliamentary timetable and fiscal statements by a Chancellor.”
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If they can afford private schools, they can afford to pay vat! I didn't even realise it was a thing that they haven't been paying it!
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