S02E07: Autumn 2024 Budget Review | Good or Bad for the Housing Market?
The Property Podcast with Wards Estate Agent
Thursday, 14 November 2024 - 39 minutes
THE PROPERTY PODCAST with WARDS ESTATE AGENT SERIES 2
Episode 7 - Autumn 2024 Budget Review | Good or Bad for the Housing Market?
Key Discussion Points
Stamp Duty Changes
- Increase for Second Properties: An immediate increase from 3% to 5% stamp duty on additional properties.
- Impact on Landlords: Higher costs may deter some investors; potential rent increases as landlords offset new expenses.
Market Reactions
- Immediate Impact: Buyers reconsidering purchases due to sudden tax changes; pressure on estate agents to renegotiate deals.
- Chain Disruptions: Knock-on effects impacting entire property chains.
Capital Gains Tax Adjustments
- Rates remain unchanged for property but increased for other assets.
Overseas Investment Concerns
- Potential future changes in non-domicile tax status could affect foreign investment appeal in UK properties.
Mortgage Interest Rates
- Current rates seen as sustainable despite economic uncertainties.
First-Time Buyer Challenges
- Upcoming reversal of stamp duty thresholds could prompt a rush before April 2025 deadline.
Missing Elements from the Budget
- First-Time Buyer Support: Lack of schemes like Help to Buy limits options for new buyers entering the market.
- Planning Restrictions Reform: Need for easing planning restrictions to boost housing supply.
Closing Thoughts:
There's an urgent need for comprehensive reforms in taxation policies related to real estate and emphasises educating first-time buyers about forthcoming financial impacts due to policy shifts.
For more insights into selling your property effectively within Kent’s dynamic market,
visit wardsofkent.co.uk for free online valuations or book an appraisal today!
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