Hope for a housing-focused budget evaporate as Hammond so far swerves ‘broken’ market

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first_imgPhilip Hammond’s pre-Budget briefings have so far been largely bereft of the housing sector policies that many had expected.Only one has been revealed so far. The Chancellor says local authorities will be given powers to compulsorily purchase smaller plots from big developers who sit on them, and hand them to smaller house builders.Hammond has chosen to keep many headline-grabbing policies under wraps until his main speech in the past, but the stark lack of any major housing market policies is surprising.The government has spent much of this year promising to fix the UK’s ‘broken’ housing market including regulating the industry harder and balancing the rental market more in renters’ and first time buyers’ favour.Philip HammondIdeas discussed in recent weeks as potential Philip Hammond voter winners include offering landlords capital gains tax-free sales if they sell their buy to let properties to a sitting tenant, and backing for Lord Bird’s Creditworthiness Assessment Bill, plus further funding and support for first time buyers.Other ideas include tax incentives for landlords who offer longer-term tenancies, a delay to – or scrapping of – the Section 24 tax relief reductions facing landlords, and an easing of stamp duty for retired downsizers.“Given this unfavourable background, we anticipate that the Chancellor will deliver an uncompromising Budget with more take than give,” says Guy Gittins, Managing Director, Chestertons.“Property has been an easy target in recent Budgets, however we believe that it is not in the country’s best interests to continually hammer a sector which affects the lives of everyone and which is in need of increased government support.”Philip Hammond budget 2018 Chancellor of the Exchequer October 29, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Housing Market » Hope for a housing-focused budget evaporate as Hammond so far swerves ‘broken’ market previous nextHousing MarketHope for a housing-focused budget evaporate as Hammond so far swerves ‘broken’ marketOnly a minor change in planning laws to help more homes to be built revealed so far today.Nigel Lewis29th October 201802,092 Viewslast_img

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