March 2020 Budget – Housing Issues

16th March 2020 posted in

It is understandable that housing issues were not the most important aspect of the March Budget. However, there were a number of measures, and if you are looking for guidance, we are here to assist you.

Glynis Frew is the CEO of Hunters, and she released a statement, saying; “Thankfully some stability in housing when some stability is required. It’s a shame the same can’t be said when it comes to housing ministers! Some might be disappointed that a couple of rumours surrounding first-time buyer stamp duty relief didn’t come to fruition, but the reality is that it might just be too much of a hit to the Treasury. Stamp duty changes would represent a quick win but don’t address the bigger picture which is rooted in a lack of supply, and that’s where the emphasis needs to be from a policy and funding perspective.”

Get help from experts with local and national expertise

At Hunters, we are pleased to provide you with localised support and knowledge. The team at Hunters Bridgend are passionate about the local community, and we are pleased to have helped so many vendors and buyers in the area.

 Of course, Hunters is also a company that operates across the country. We are ideally placed to provide you with insight and guidance from other areas. If you need to know how the entire housing market is performing, we can assist you.

Glynis Frew continued by saying; “The support for the regional economies is a good example of that and it’s something we need to welcome with open arms as it’s crucial that those powerhouses in the regions continue on their journey after the uncertainty of the last few years. There are lots of exciting opportunities there and housebuilders and investors will be pleased to feel supported by central government.”

Will the market be affected by non-UK resident surcharge?

While there have been many important talking points of late, in the housing measures announced at the Budget, the surcharge on non-UK residents buying property was a key factor.

Mark Hayward is the Chief Executive of NAEA Propertymark and he discussed the surcharge, saying; “If introduced, this policy allows those in the UK to have a better chance at purchasing a home. However, overseas buyers tend to purchase properties in prime central London which are completely unaffordable to most homebuyers anyway. Therefore, this move will not help those that need it most.”

There are many people and industry experts who support the surcharge, but there has been some criticism. A lot of industry professionals believe the largest impact of the surcharge will occur in London. Therefore, buyers and vendors in other parts of the UK may not be affected.

Also, the surcharge doesn’t come into effect until April of 2021. This provides non-UK buyers with ample time to purchase property before properties are more expensive.

If you require any guidance or advice, please contact us and we will do our best to assure you. No matter what your long-term property aims and ambitions are, contact Hunters Bridgend today, and we will be delighted to assist you as best we can.