Rishi Sunak, Rushi Sunak Budget, Stamp Duty, Rishi Sunak Stamp Duty, Budget 2021

Rishi Sunak, Rushi Sunak Budget

Rishi’s Budget saves Stamp Duty misery for thousands of buyers

Rishi’s Budget saves Stamp Duty misery for thousands of buyers

3/4/2021 12:15:00 AM

Rishi’s Budget saves Stamp Duty misery for thousands of buyers

Rishi Sunak 's budget today was long awaited and much-leaked. As a result, his announcements weren't exactly a surprise as far as the housing market was concerned and broadly-speaking appear to have been reasonably well-received, albeit with an amount of caution.

TrendingAndrew continues: “More people will be able to get onto the ladder but the first rung on that ladder will be a lot higher up, putting more financial pressure on buyers. It’s good news in the short-term but in the long-term the inflationary effect on prices and extra debt people are taking on could have a sting in the tail. Generation Rent will indeed now have more chance to become Generation Buy, but they will be buying high.”

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Jeremy Leaf, former RICS residential chairman observes:  “As always with Budgets, it is just as much what’s in it as what’s not, or emerges in the small print soon after, which counts.”“The biggest test is does the Budget help maintain or even improve the number of transactions and investment without adding to upwards pressure on prices? And at the same time encourage the building of more new homes, particularly affordable ones? I have to say the Chancellor probably gets ‘B' or ‘B-minus’ on his report card as the Stamp Duty extension, including the tapering, is welcome but there will be another mini cliff-edge in the autumn when this latest holiday finally comes to an end.”

Jeremy adds: “In particular, the reduction in the Affordable Homes Programme, which is cutting the number of social rented homes, is of particular disappointment. The other regret is the lack of support for tenants, apart from those supported by the now extended furlough scheme. The Chancellor could have done something to reduce the inevitable number of evictions which will occur when the ban is eventually lifted.”  headtopics.com

Stamp duty:"More people will be able to get onto the ladder"(Image: Getty Images)Phil Spencer shares garden improvements to add value to your homeAndrew continues: “More people will be able to get onto the ladder but the first rung on that ladder will be a lot higher up, putting more financial pressure on buyers. It’s good news in the short-term but in the long-term the inflationary effect on prices and extra debt people are taking on could have a sting in the tail. Generation Rent will indeed now have more chance to become Generation Buy, but they will be buying high.”

Jeremy Leaf, former RICS residential chairman observes:  “As always with Budgets, it is just as much what’s in it as what’s not, or emerges in the small print soon after, which counts.”“The biggest test is does the Budget help maintain or even improve the number of transactions and investment without adding to upwards pressure on prices? And at the same time encourage the building of more new homes, particularly affordable ones? I have to say the Chancellor probably gets ‘B' or ‘B-minus’ on his report card as the Stamp Duty extension, including the tapering, is welcome but there will be another mini cliff-edge in the autumn when this latest holiday finally comes to an end.”

Jeremy adds: “In particular, the reduction in the Affordable Homes Programme, which is cutting the number of social rented homes, is of particular disappointment. The other regret is the lack of support for tenants, apart from those supported by the now extended furlough scheme. The Chancellor could have done something to reduce the inevitable number of evictions which will occur when the ban is eventually lifted.” 

Read more: Daily Express »

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