Spring Budget 2024
Market Insights
The Spring Budget this year exuded a sense of maintaining composure and continuity for the housing market. Notably, there were no disruptive policy announcements to overshadow the usual activities in the housing sector.
Encouragingly, the Office of Budgetary Responsibility provided improved inflation forecasts, offering positive implications for interest rates, as inflation is anticipated to drop below 2% in the upcoming months.
While the broader housing market experienced stability, there were positive policy announcements targeted at specific segments, such as landlords and owners of second homes. These included reductions in the higher rate capital gains, adjustments to second home tax relief, and stamp duty relief for multiple dwellings.
Throughout the budget, there was a commendable emphasis on nurturing growth in pivotal sectors like green industries, technology, and life sciences. This focus reflects a proactive approach to supporting and advancing development in these flourishing areas of the economy.
Source: Dataloft by PriceHubble