Henry Knight spills the beans on the three things we are keeping our fingers crossed for in this year’s Budget….
1- Stamp Duty
Whilst last years’ Funding for Lending and Help to Buy schemes went a long way to addressing the issue of helping struggling first time buyers onto the property ladder, we still believe that stamp duty is a significant obstacle to getting more homebuyers into their first homes. Therefore, we are hoping for an increase in the stamp duty threshold for all first time buyers up to the value of £600,000, in line with the terms of the Help to Buy scheme.
2- Help to Buy by Postcode
We are not only hoping to see an extension of the second phase of the Help to Buy, but we are also hoping for a much more targeted approach to how the scheme is operated. In order to reduce the growing disparity between London and the rest of the country, we would like to see Help to Buy 2 operated according to the different requirements of individual postcodes. Some regions are more in need of a housing market boost than others, which is why we are hoping that Help to Buy by Postcode is something the Chancellor looks to include a week from today.
3- Off setting interest payments on buy to lets
There has been some talk in the past that the Government may potentially remove the ability to offset interest payments for tax purposes on buy to let properties. We would strongly disagree with any decision to allow this as it would have a detrimental effect on the investment market across the whole of the UK.