March 2020 Budget – Housing Issues

19th March 2020 posted in Sellers Buyers Landlords Tenants

While the March Budget didn’t focus on housing as much as predicted, for valid reasons, there were still several housing measures introduced. If you need any assistance in staying up to date with changes in the housing market, or you need help knowing how these changes affect you, please get in touch with Hunters Greenwich, as we will be more than happy 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 Greenwich care about the local community, and we are delighted to say we have assisted many people to buy and sell homes in the local area.

However, Hunters is also a national company. This means we stay connected with the bigger picture, and this allows us to inform you as to how the overall housing market is performing.

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?

One of the leading talking points arising from the housing measures in the Budget was the surcharge on non-UK residents buying property. Mark Hayward is the Chief Executive of NAEA Propertymark and he spoke about the stamp duty 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.”

While many people have backed the surcharge, there has been some criticism. Some industry observers believe it will have the most impact on prime London property areas. These are the areas where non-UK buyers are focusing their efforts, so if there is a benefit, it will occur in these areas.

Also, with the surcharge not coming into effect until April 2021, there is still plenty of time for non-UK residents to buy homes this year. This may delay the impact experienced by willing buyers in 2020.

We know many people, both buyers and vendors, have questions about the property market. If you need any help in the local property market, contact Hunters Greenwich today, and we will be more than happy to assist you.