Speaking in response to today’s Budget, David Westgate, Chief Executive of Andrews’s Property Group commented:
"Whilst largely anticipated, the fact that the Chancellor did not address key housing issues is, nonetheless disappointing".
"The urgency with which new homes are needed across the UK cannot be underestimated. The fact that the Chancellor, by neglecting to address planning durations or introducing a moratorium on Capital Gains Tax on land sales, means that an ideal opportunity to get the house building sector moving has been missed"
"On the topic of Stamp Duty, meanwhile, the lack of any U-turn is, perhaps, not surprising. Whilst the entire market has rallied for this, I think we all knew that the level of revenue it generates for the Exchequer made this unlikely"
"In the buy-to-let sector, the gradual removal of mortgage interest relief has been a topic of much discussion and whilst there are many landlords who would have welcomed a U-turn on this, the reality is that this is a phased removal and many landlords report it making little difference to the overall strength of their portfolio. A greater concern might be the future status of holding residential property in a company set-up – but that’s a minefield and a discussion for another day!”.