With the Budget having been well and truly digested at the end of October, this…
The month ended with what we can probably describe as a fairly consequential Budget, with the surprise announcement of the increase in the extra stamp duty surcharge for those purchasing additional properties. Of all the (many) tax increases speculated upon in the lead up to the Budget, this one didn’t appear on the radar, and the fact it was introduced with almost immediate effect was also a surprise, particularly for conveyancing firms.
What this means for rental property supply remains to be seen, but the added cost for landlord purchasers is undoubtedly going to temper some from adding, or starting, portfolios. In other areas, more investment to get the required increase in the number of new homes, was heavily trailed and over the next five years this Government is certainly going to have to deliver on its targets.
Clearly, with the Budget now set we can look at the Government’s plans in key areas for the CA, particularly in terms of improving the home buying and selling process, getting the number of fall-throughs and the time to sell down, and generating the efficiencies and cost-savings we have been calling for.
In November we will look in more detail at how this might now be taken forward; for now, further details of all coverage in October can be found below:
Refining the buying process is as crucial as other govt housing plans – Beth Rudolf article
7th October
MoneyBox Live: How to Buy a Home – Beth Rudolf on panel
9th October
Budget has the potential to deliver significant property market changes – Nicky Heathcote blog
14th October
Bank delays could put paid to simultaneous exchange and completion – Beth Rudolf article
15th October
New bank powers will “raise conveyancing standards” say firm director – mentions CA’s Conveyancer’s Code for Completion
15th October