This next Budget could \u201cmake or break\u201d the financial outlook of the property market for the coming few years, according to Mitchell Martyn of Pure Property Finance.<\/p>\n
The government\u2019s Planning and Infrastructure Bill is looking to boost housebuilding, while Chancellor Rachel Reeves has been weighing up whether to radically change stamp duty, potentially turning it into a sellers\u2019 tax to encourage more home purchases or replacing it with an annual tax on properties worth over \u00a3500,000.<\/p>\n
Martyn said: \u201cSince the last Budget, there\u2019s been a lot of political development throughout the UK. If this next one is to be a success, it is paramount that the outlook of the property market is considered.<\/p>\n
\u201cHousing is an incredibly influential financial tool that can be manipulated in order to meet government goals, but all changes have drastic implications on the economic outlook of the nation and the pockets of those who live in it.<\/p>\n
\u201cThere are a lot of possibilities being thrown around. Wealth taxes, adjustments to capital gains tax, and even changes to the way in which council tax is calculated \u2013 no matter what we see, I urge the government to strike a balance between what\u2019s fair and what\u2019s economically viable.<\/p>\n
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\u201cWith so much political news coming out of the UK, the nation is on the world\u2019s radar, and likely any changes made here will be reflected elsewhere. As such, this next budget will prove to be a pivotal moment in not just the UK\u2019s financial trajectory, but the viability of property investment within the nation as a whole.<\/p>\n
\u201cInterest rates on mortgages are slowly coming down, which signals somewhat of a conclusion to the turmoil witnessed throughout \u2018the COVID years\u2019. But, one policy too far and the UK is at risk of being right back at square one.\u201d<\/p>\n
Since the last financial budget, the Bank of England\u2019s base rate has fallen 1%. It\u2019s unclear whether there will be one more cut to the base rate this year, which was only reduced by 0.25% to 4.0% in August.<\/p>\n
Mitchell added: \u201cThe drop in base rate is good news for the population. It has enabled those on the fence around buying a house or taking out a loan to take the plunge and put their financial plans into action.<\/p>\n
\u201cIf this Budget lands correctly, we shouldn\u2019t see much disturbance in the base rate. But if not, things could start going in the opposite direction. A lack of confidence from investors may spook them and weaken the pound.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
This next Budget could \u201cmake or break\u201d the financial outlook of the property market for the coming few years, according to Mitchell Martyn of Pure Property Finance. The government\u2019s Planning and Infrastructure Bill is looking to boost housebuilding, while Chancellor Rachel Reeves has been weighing up whether to radically change stamp duty, potentially turning it […]<\/p>\n","protected":false},"author":1,"featured_media":4560,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-4559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n