Episode 7 - Autumn 2024 Budget Review | Good or Bad for the Housing Market?

• Increase for Second Properties: An immediate increase from 3% to 5% stamp duty on additional properties.
• Impact on Landlords: Higher costs may deter some investors; potential rent increases as landlords offset new expenses.

• Immediate Impact: Buyers reconsidering purchases due to sudden tax changes; pressure on estate agents to renegotiate deals.
• Chain Disruptions: Knock-on effects impacting entire property chains.

• Rates remain unchanged for property but increased for other assets.

• Potential future changes in non-domicile tax status could affect foreign investment appeal in UK properties.

• Current rates seen as sustainable despite economic uncertainties.

• Upcoming reversal of stamp duty thresholds could prompt a rush before April 2025 deadline.

1. First-Time Buyer Support: Lack of schemes like Help to Buy limits options for new buyers entering the market.
2. Planning Restrictions Reform: Need for easing planning restrictions to boost housing supply.

There's an urgent need for comprehensive reforms in taxation policies related to real estate and emphasises educating first-time buyers about forthcoming financial impacts due to policy shifts.

For more insights into selling your property effectively within Kent’s dynamic market,

visit wardsofkent.co.uk for free online valuations or book an appraisal today!

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