Your Local Spring Budget Property Update
The Chancellor Jeremy Hunt announced his Spring Budget for the UK yesterday afternoon.
It featured cuts to National Insurance, tinkering with capital gains, increases to child benefit thresholds and ISA changes.
But what about property-related finances?
Well, the truth is, thereās not very much to update.
But here goes.
The chancellor announced that capital gains tax will be reduced from 28% to 24%. This is with a view to raising revenues and potentially increasing property transactions.
He has also announced the government is scrapping stamp duty relief for people buying more than one property.
Proposed tax changes for holiday lets could / should bring more landlords back to the long-term rental market and help ease supply issues in some areas.
However, the feeling in the property industry is one of missed opportunities.
Thereās a sense the government might have done more to help first-time buyers get on the ladder and incentivise ālast-timeā buyers with a Stamp Duty break for people downsizing and commit to building more new homes.
Now for the Good News
Several property commentators predict that if the governmentās aim for lower inflation is achieved, it could lead to mortgage costs falling more rapidly and buyer confidence improving more quickly. If this is the case, it will undoubtedly benefit the housing market.
Weāre seeing confidence returning to the local housing market, and if the above becomes a reality, it will really get things moving.
Now for the Even Better News
If you are thinking of moving this year, we can help.
While we canāt do anything about the interest rates, we can use our marketing expertise and experience to raise the rate of interest in your home if you sell it through us.
Weāre in no position to slash taxes (if only?), but we can 100 % cut out any nonsensical property valuations that mislead you ā thatās just not our style.
And unlike many politicians of all persuasions, who tend to waffle and not answer direct questions, we promise to give you clear, honest answers and guarantee a transparent, ethical approach in all our dealings.
To discuss all things property, contact us today.