The Chancellors Autumn budget was not a surprise. Jeremy Hunt outlined his plans to save billions of pounds to help the economy recover from the pandemic, the war in Ukraine and other global events which has expedited a down turn in the global economy.
We were forewarned in the days leading up to the budget of the cuts to public spending and tax rises and we knew that these would affect everybody. From a property perspective our concern is the stability of the market in London and specifically in Shepherds bush and Hammersmith .
The main point was the Stamp Duty Land Tax cut which was announced by the previous chancellor Kwasi Kwarteng. The tax cut was welcomed particularly by the first time buyer market. Kwarteng he had raised the lowest threshold where homebuyers start paying stamp duty from £125,000 to £250,000 giving homebuyers a saving of up to £2,500. At the moment first-time buyers receive additional relief and they only start to pay stamp duty at £425,000. This is a welcome saving especially if the value of the property you want to buy is less than £625,000 the homebuyer will have a tax saving of up to £11,250. Its understood that Jeremy Hunt has now put a time scale on this saving and it will end on March 31st 2025. So to benefit from this scheme, first time buyers and house hunters can't afford to hold off to long.
So what does this mean if you are looking to move in the near future. Our advice is to shop around, there are more mortgage products available as rates have stabilised and unemployment remain low.
Seek good independent advice, look at your finances and do your homework so that you are in the best position possible when you are ready to move. Motivated buyers make the best buyers, there are still positives in the market, sellers becoming more flexible and there is more choice of properties on the market compared with 3 months ago.
We hope the Chancellor has done enough to secure the future health of the public finances and help the economy to bounce back more quickly across all sectors.
If you need help on your moving plans, need advice on what you need to do next to move home,
please contact our sales team on 0208 743 1166 or email on email@example.com
For more information on the Autumn Budget see the governments website or click below
Autumn Statement 2022