What does the Autumn Budget mean for the housing market? 🤔
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Chancellor Rachel Reeves delivered her Autumn Budget on 30th October 2024: the first Labour Budget in 14 years 📢
Here's a summary of how the budget will affect the Housing Market, for the full article from Rightmove click here:
🔹 Mortgage rates remain high, with our recent study showing that the average first-time buyer mortgage payment is £350 higher than five years ago
🔹 And household energy bills, while down from their 2022 peak, rose by 10% this month under the latest energy price cap
🔹 Tenants want to see more support for first-time buyers
🔹 Existing home-owners want a simplifying to the home-buying process
🔹 Housing announcements included £5 billion government investment to deliver Labour’s housing plan, with a £500 million boost to the Affordable Homes Programme
🔹There will also be £25 million put towards the delivery of 3,000 energy-efficient new homes across the country, with a target of 100% of these being affordable
🔹Capital Gains Tax on residential property will remain unchanged
🔹The government has also pledged to engage with industry on plans to make the Mortgage Guarantee Scheme permanently available to support lending at 95% loan-to-value
🔹 There was no mention in today’s Budget of the extension to the current stamp duty relief for first-time buyers, which is due to end in March 2025
🔹 The stamp duty surcharge for those buying second homes, such as Landlords buying properties to rent out, is up by 2%, increasing from 3% to 5%
🔹 Earlier this year we saw a record number of former rental homes for sale as some landlords made the decision to sell their properties as a result of increasing costs
📖 Further reading here from Propertymark ↗️
📖 Further reading here from Zoopla ↗️
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