Spring Budget Guide For Homeowners

The 2024 Spring Budget felt very much like a keep calm and carry on budget for the housing market. There were no dramatic policy announcements to interrupt usual housing market activity.

Here’s a summary of some other measures announced in the Spring Budget that could affect homeowners in Camberley, Chobham, Fleet and Yateley from the team at Waterfords Estate Agents.

Capital Gains Tax cut

A main highlight in the Budget is the reduction in the higher rate of property Capital Gains Tax from 28% to 24%. This tax is applicable when you profit from the sale of properties that aren't your main home, such as buy-to-let properties, business premises, or inherited properties.

Holiday Lettings Tax Regime abolished:

To combat the shortage of long-term rental properties, the furnished holiday lettings tax regime has been abolished. This will affect holiday landlords but aims to make more properties available for permanent residents, particularly in areas popular with tourists.

Removal of multiple dwellings relief for stamp duty:

The Spring Budget has eradicated the Multiple Dwellings Relief, which benefited landlords purchasing multiple residential properties simultaneously. Initially implemented to reduce obstacles in property investment, the removal of this relief is expected to primarily impact major institutional landlords and not most buy-to-let landlords.

Building 1 million homes

The government has reiterated its commitment to constructing 1 million homes by the end of this Parliament, giving £242 million to new housing initiatives. This ambitious goal aims to alleviate the housing shortage, and create new investment and development opportunities within the property sector.

Cut in National Insurance

The budget proposes financial reliefs that could have a broader impact on property affordability and the market overall. A 2p cut in National Insurance contributions, promises to lessen the high tax burden, benefiting homeowners, potential home buyers, landlords, and tenants alike.

Get in touch about how this affects you

From tax alterations affecting investment returns to broader economic measures that may influence property affordability, it's vital to stay informed and consider how these changes will effect homeowners, buyers and landlords in Camberley, Chobham, Fleet and Yateley.

Please get in touch with the team at Waterfords to discuss anything about The Spring Budget and how it might affect you.
 

Camberley: 01276 66566

Chobham: 01276 858589

Fleet: 01252 623333

Yateley: 01252 870222
 

CLICK HERE to email us
 

Source: #Dataloft, UK Government, Office for Budget Responsibility Mar 2024