39 minutes | Thursday, 14 November 2024
THE PROPERTY PODCAST with WARDS ESTATE AGENT SERIES 2 Episode 7 - Autumn 2024 Budget Review | Good or Bad for the Housing Market? Key Discussion PointsStamp Duty ChangesIncrease 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 ReactionsImmediate 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 AdjustmentsRates remain unchanged for property but increased for other assets.Overseas Investment ConcernsPotential future changes in non-domicile tax status could affect foreign investment appeal in UK properties.Mortgage Interest RatesCurrent rates seen as sustainable despite economic uncertainties.First-Time Buyer ChallengesUpcoming reversal of stamp duty thresholds could prompt a rush before April 2025 deadline.Missing Elements from the BudgetFirst-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.
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