Housing Today and Building Magazine quote William Marriott on what the UK Budget could mean for the property market
min readWednesday will see Rachel Reeves deliver her first Budget statement as chancellor.
Perhaps the most consequential rumoured change for the housebuilding sector is that Rachel Reeves is expected to allow more generous thresholds for home buyers to lapse at the end of March next year, meaning people would pay a higher level of stamp duty.
William Marriott, Private Property Partner, says that this would “likely lead to a rush to push through applicable purchases ahead of March” but that falling inflation and interest rates “could help to counteract any depressing effect” at the lower end of the market.
For higher earning employees and SME owners particularly, a tough budget may yet weaken confidence in the domestic prime market, with the most at risk being luxury lifestyle purchases such as prime residential property, including country houses.
Read the full piece in Building Magazine here.
