The emergency budget delivered by George Osborne on
22 June should instill confidence in the economy and boost the housing market in the future, says local estate agency Connells in Stevenage. Branch partner for Connells, Gary Young, believes the Chancellor’s budget marks the end of economic uncertainty and welcomes the decision not to raise Capital Gains Tax to around 40 per cent as previously predicted.
“Although the budget presented some tough measures, it demonstrated the coalition government’s commitment to simultaneously boosting the economy and reducing the national debt,” says Gary. “As far as the housing market is concerned, it is business as usual and Osborne’s decision to take a more modest approach to increases in Capital Gains Tax is better news than originally anticipated for the buy-to-let sector.”
Decisions earlier this year to raise the Stamp Duty threshold for first-time buyers to £250,000 and the recent suspension of HIPs have both played a role in boosting the housing market. These combined with renewed activity from house builders in 2010 mean that Connells has seen steady growth across the housing market this year.
“Now the emergency budget has been given, we hope to see increasing confidence in the housing market and greater opportunity for buyers as mortgage finance becomes more readily available.”
Gary Young, Connells Branch Partner, Stevenage