Osborne’s reforms provide no incentive for the restoration and redevelopment of empty properties and will increase house prices, writes Justin Vogler.

In my last blog I described how my bidding pattern in an auction was influenced by calculations about the £250k stamp duty threshold. Last week George Osborne announced that he was scrapping the threshold system in favour of a graduated rate.

If they work, Osborne’s reforms will remove a major distortion in the housing market.