Date Published 13 July 2015
Last week Chancellor of the Exchequer, George Osborne, unveiled the Summer Budget, a particularly interesting and eagerly anticipated budget as it was the first after the general election which was won by a Conservative landslide.
But what does Mr Osborne's latest budget mean to the property industry? As expected there were cuts, strengthening Britain's policy of austerity in the wake of massive borrowing during the last Labor government.
Firstly, the big talking point is that Mr Osborne plans to extend the Help to Buy Equity Loan scheme to 2020, meaning new homebuyers will get a little more financial help when trying to get onto the market. Another major point is the plans to build a garden city just outside of Ebsfleet, comprised of over 15,000 homes.
Ultimately, government plans to build more homes is tremendous news as, for a country almost at bursting point, finding a suitable home can be difficult to come by.
However, Mr Osborne's refusal to budge when it comes to Stamp Duty is nothing more than a disappointment. With London especially being prone to extortionately high property prices, a re-shaping of the Stamp Duty protocols could have helped homebuyers and sellers to deal in London property in an easier, more affordable, manner.
Overall, the summer budget rained well over the property industry, with plans for new homes and greater help and assistance for new homebuyers; however, the Stamp Duty farce is still an issue at large and will require a re-shaping over the coming years.