Ahead of the Autumn Budget: What landlords and brokers should watch for
With the Autumn Budget now just two weeks away, speculation is mounting about what the Chancellor will announce – particularly regarding the property sector.
In case you are working on any preview pieces, please find below expert commentary from my client, Paresh Raja (CEO of Market Financial Solutions), on what the Budget could mean for landlords, investors, and brokers:
Paresh Raja, CEO of Market Financial Solutions, said: “This is clearly going to be a loaded Budget. Rachel Reeves has issued some warning shots and, for the second year in a row, it looks like various tax hikes could steal the headlines on 26th November.
“For the property market, there has been a lot of conjecture as to what will be in the Chancellor’s favour red briefcase. For landlords, property investors, and the brokers working with them, there are some key policies to watch out for: an increase to income tax (though touted to be offset for many by a cut in national insurance, this will not be true for landlords); reforms to stamp duty, which have been speculated over wildly; extending capital gains tax to include primary and secondary homes; and potential changes to planning laws and the house-buying process.
“At this stage, adding to the speculation is pointless. Across the property market, from lenders and brokers to buyers and sellers, it is a question of adapting quickly to whatever the Chancellor announces. What’s more, though inertia has started to set in as the Budget approach, I would expect a flurry of activity afterwards. Indeed, amidst all the predictions about the tax blows that could land, the reality is typically less painful than the pre-speech doom-mongering.
“Ultimately, we have to be ready to take any changes in our stride and, if the Bank of England does come through with multiple cuts to the base rate in the coming year, then there is every reason to believe the market will remain buoyant. After all, even with a great deal of political and economic turbulence this year, house prices have continued to rise and buyer demand for UK property remains strong.”
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