THE PROPERTY PODCAST with WARDS ESTATE AGENT SERIES 2
Episode 7 – Autumn 2024 Budget Review | Good or Bad for the Housing Market?
Key Discussion Points
Stamp Duty Changes
- Increase for Second Properties: An immediate increase from 3% to 5% stamp duty on additional properties.
- Impact on Landlords: Higher costs may deter some investors; potential rent increases as landlords offset new expenses.
Market Reactions
- Immediate Impact: Buyers reconsidering purchases due to sudden tax changes; pressure on estate agents to renegotiate deals.
- Chain Disruptions: Knock-on effects impacting entire property chains.
Capital Gains Tax Adjustments
- Rates remain unchanged for property but increased for other assets.
Overseas Investment Concerns
- Potential future changes in non-domicile tax status could affect foreign investment appeal in UK properties.
Mortgage Interest Rates
- Current rates seen as sustainable despite economic uncertainties.
First-Time Buyer Challenges
- Upcoming reversal of stamp duty thresholds could prompt a rush before April 2025 deadline.
Missing Elements from the Budget
- First-Time Buyer Support: Lack of schemes like Help to Buy limits options for new buyers entering the market.
- Planning Restrictions Reform: Need for easing planning restrictions to boost housing supply.
Closing Thoughts:
There’s an urgent need for comprehensive reforms in taxation policies related to real estate and emphasises educating first-time buyers about forthcoming financial impacts due to policy shifts.
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