March Budget 2020 – What will Boris’ Government deliver for the Property Market

News at Kerr & Co | 10/03/2020

Much has happened since December’s election and the market has responded positively with the housing market recovering and Sales and Lettings enjoying a new lease of life. Rishi Sunak the new Chancellor, we suspect will concentrate on many pressing domestic issues and focus on pledges made by the Conservatives to reduce the economic inequality between the South East, the Midlands and the North.

On a local scale housing is still a key area for the Government. The Queen's speech outlined a new policy would offer a 30pc discount for key workers and first-time buyers who are purchasing properties in their local area.

The First Homes scheme is expected to cut the cost of the new-build home by as much as £94,000. The savings would be secured with the property, meaning future buyers would also benefit from lower prices. Stamp duty has been speculated to rise by 3% amongst Non UK residents – all will be revealed - so we all look forward to more detail’s tomorrow.

We also expect Boris Johnson to have ruled out the option of introducing a wealth tax - or "mansion tax" – a levied yearly tax on expensive properties mainly located in the south this would be welcome news by many families in many parts of London.