Will Clark Director of Sellmyhome.co.uk and qualified RICS surveyor gives his views on what we can expect in next week’s Budget.
It’s that time of year again and the Spring Budget is upon us – the property market is in the spotlight and there are three key topics that are creating a buzz; Stamp Duty, Mansion Tax and Help to Buy. Next Wednesday George Osborne will announce whether the Government will make any amendments to the current system and here at Sellmyhome.co.uk we have two very strong opinions:
- Stamp Duty: Currently, those buying a property under £250k pay 1 per cent stamp duty but those who purchase £1 over that threshold (i.e. £250,001) have to pay 3 per cent – that makes no sense to us! We hope that the government will bring in a marginal stamp duty rate that will ease the tax burden on property purchasers and inject some increased momentum into the property market
- Help to Buy: The Help to Buy initiative is a great one in principle as it allows more first time buyers the chance to get a foot on the property ladder – however, it has been criticised for fuelling the housing bubble in London and the South East. Here at Sellmyhome.co.uk we agree with the RICS and think that perhaps the Government should consider regionalising the initiative to increase energy levels in property markets in Northern areas of the UK
The Government has a real chance to make some positive changes for the residential property market before the General Election in May 2015 – watch this space. Whatever happens, it's going to be interesting for those currently trying to sell properties due to the impact it could have on the approach buyers have. Interesting times...