Budget 2017: Our experts have their say on property
Blick Rothenberg's experts have their say on the Budget announcement, with regards to property.
- 'Stamp Duty Land Tax ("SDLT") relief for first-time buyers is a great headline comment, but while supply is far too low this will initially only increase house prices and inflate the market,' said Simon Wagman, partner.
- 'Little will be done to create this number of new homes until a Brexit deal is in place. We will rely heavily on European workers to fill the gaps in our construction industry, so if the government are to demonstrate they can build, they must do a deal on EU nationals living and working here – quickly. Housing developers need people – we need beefed-up planning departments and guaranteed input from EU construction workers. Without these two things there would be more delay,' said Frank Nash, partner and head of the property group.
- 'A welcome injection into the economy and two million jobs in the construction industry. Importantly, these are local jobs, not just in the South East,' said Mark Abbs, partner and head of global mobility tax. 'This will however pose a considerable challenge to protecting the green belt and countryside.'
- 'The changes on SDLT for first-time buyers will mean a £5,000 potential tax saving if you bought a £300,000 home,' said Paul Haywood-Schiefer, assistant manager.
- 'Watch out joint buyers, both individuals need to be "first time buyers" to qualify for the SDLT cut - if one has previously had an interest in a property, they will not be eligible,' said Nimesh Shah, partner.
For more information, please visit our Autumn Budget 2017 press page here.