We take a look at how the property industry has reacted to todays budget announcement.
Simon Crone, Vice President – Mortgage Insurance Europe for Genworth, thinks that today’s Budget has still left vital questions about Help to Buy unanswered, with no clarity over the future for high loan to value (LTV) mortgage lending after 31 December 2016.
"The mortgage guarantee [Help to Buy 2] remains a temporary fix to a long-term problem of credit supply to first time buyers...
Average prices rise by £6,073 – largest annual increase since September 2010 and showing no negative response to independence debate.
Donald MacLellan, Chairman of Walker Fraser Steele Chartered Surveyors, part of LSL Property Services, comments:
“The enthusiasm of property investors suggests the Independence debate is having no impact on confidence within the Scottish housing market. Scottish prices are up £1,680 in January...
Housebuilder Berkeley Group has said it expects to complete 30% more homes this year than during the 2007 market peak.
It has credited the government's Help to Buy scheme with boosting the property market and speeding up the number of new homes being built.
The firm's forecast comes shortly after the chancellor's decision to extend the equity loan scheme for new homes until 2020, in England at least.
The Annual Investment Allowance will double to £500,000 from next month.
In a surprise move the Chancellor’s 2014 Budget offers businesses the chance to spend up to this limit on plant and equipment from April and claim 100% of the expenditure in the year it is incurred.
Chancellor George Osborne has set out seven issues of relevance to the housing industry in his Budget delivered this afternoon.
Key points of Budget 2014: At-a-glance
Here are the key points of Chancellor George Osborne's Budget.
The number of valuations for remortgaging purposes has accelerated faster in the last year than any other part of the housing market.
Remortgaging activity increased 18% between January and February. The number of remortgage deals has increased 35% since February 2013.
John Bagshaw, Corporate Services Director of Connells Survey & Valuation,is expecting further good news on the economy when official forecasts from the OBR are released later this week.
Today the Chancellor George Osborne announced measures to cut down on stamp duty avoidance by charging companies purchasing properties worth over £500,000 with a levy of 15% of the purchase price.
MPs have passed the first stage of a bill calling for greater protection for private rented sector tenants.
The bill was introduced by back bench Liberal Democrat MP Julian Huppert and called for the housing ombudsman to be given powers to oversee private landlords.
The number of first-time buyers taking out mortgages rose by 38% in the 12 months to January, as initiatives like Help to Buy allowed those with small deposits to access the property market, according to the latest data from banks and building societies.
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