Let’s delve into the housing shake-up brought by Chancellor Jeremy Hunt’s Spring Budget 2024.
We were all crossing our fingers for some initiatives to aid first-time buyers and maybe some tax relief, but the reality check is here, and it’s a mixed bag.
Stamp Duty Land Tax took a hit. Instead of relief, the government decided to scrap it along with Multiple Dwellings Relief, aiming to tackle issues in the rental sector. However, concerns linger about potential rent hikes and a squeeze on available housing.
Stamp duty relief for first-time buyers didn’t materialise, leaving many wondering what’s next. And bidding adieu to non-dom tax status has stirred unease in the prime property sector about overseas investment.
On the bright side, there’s a reduction in property capital gains tax, potentially greasing the wheels for more property sales. Plus, there’s a promise of hefty investment in regeneration projects like Barking Riverside and Canary Wharf, offering hope for easing the housing strain.
The Furnished Holiday Lettings tax regime is getting the boot to make more properties available for long-term renting, though we’ll need to watch out for loopholes.
While we didn’t get everything on our wishlist – like a lift on the Lifetime ISA cap or that rumoured 99% mortgage scheme – there’s still plenty to unpack.
If you’re curious about how all this affects you? Please reach out—we’re always here to chat.
