The property industry was once again the focus of the budget yesterday with the following changes made by Mr Hammond:
1. First time buyers will see the abolition of stamp duty for those buying their first home with the intention of living in. For purchases up to £300,000 there will be no stamp duty and for purchases between £300,000 and £500,000 there will be a 5% charge on the excess over £300,000.
The question here is with the shortage of properties in the country will this help for first time buyers see a further surge on those that are for sale and ultimately see their prices increase?
2. Local governments now have the authority to levy 100% premium charges on council tax for properties left empty. For landlords this will be an additional concern to add to the reduction in loan interest tax relief and forecast increases in loan interest rates.
It is now even more imperative for landlords to ensure their properties are occupied and that there are minimal void periods between tenants.
Lots to think about and if you want to know how these things impact on your, your family or business then give us a call.