Budget incoming – keep calm and carry on
| There has been plenty of speculation about what an Andy Burnham government could mean for the housing market | It is important to distinguish speculation from policy as it is unlikely to help homeowners or buyers make decisions | The sensible approach is to keep calm and carry on and wait for any relevant announcements |
That time of year again – the Budget is fast approaching. With a new Prime Minister and a new Chancellor, attention will inevitably turn to what the government might do next, and what that could mean for the housing market.
There has already been plenty of speculation about what an Andy Burnham government could mean for property taxation, including possible changes to Stamp Duty and, longer term, whether we could see a different approach to taxing property and property ownership.
However, it is important to distinguish speculation from policy. The Prime Minister has subsequently sought to dampen some of the more dramatic predictions, making clear that homeowners should not expect major property tax changes in the short term.
That does not necessarily mean the government will simply leave the current system untouched. Housing affordability, taxation and home ownership remain important political issues, and reform could still be part of the longer-term agenda.
For now, though, speculation is unlikely to help homeowners or prospective buyers make sensible decisions. Predictions about possible tax changes can create unnecessary uncertainty and unease, particularly in a housing market already facing plenty of moving parts.
The sensible approach is to keep calm and carry on. For any advice in the meantime, please get in touch; we’ll keep you posted with any relevant announcements.