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2017 Budget - No Push for the Property Sector

2017 Budget - No Push for the Property Sector

Philip Hammnond’s spring budget may be seen by many as a missed opportunity. There were no plans from the chancellor to support the housing market at a critical juncture in the countries’ history and the package of changes announced this week were cautious and conservative at best. In them a desire for the U.K to “live within its means” and provide a “strong, stable platform for Brexit” was reflected, but it is being hailed by many as too cautious with not enough investment in jobs and infrastructure ahead Brexit. It was certainly not a budget focused on property.

While many had hoped for a rollback of the more unpopular measures introduced by his predecessor, we saw no changes to the stamp duty revisions, or the withdrawal of mortgage interest relief proposals for buy to let landlord. In fact, the lack of any initiatives to support struggling first time buyers, stimulate housebuilding to address housing shortages, or a review of the proposed ban on letting agent’s fees were notable in their absence.

So now that the dust has settled, what impact, if any is the spring budget likely to have on buyers, investors and tenants in 2017? Here are our predictions for the coming year.

As people continue to become less reactionary to the news of Brexit we will see more properties coming onto the market and if the early part of the year is an indicator of things to come we expect to see the number of available properties increase further throughout the year.

The Spring budget has, if not wowed us, at least has maintained the status quo of the housing market and it remains to be seen if Hammonds desire to be cautious will pay off in the long term.

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