Copy article

Brokers - what do you want to see in the Budget?

Journalist: John Fitzsimons, Freelance

ended 07. March 2023

Morning brokers

Jeremy Hunt will be delivering the Budget next Wednesday, so keen to get your thoughts.

What property-related announcements do you expect to see in the speech?

And what would you like to see in there, which would make the biggest difference to your clients or the market as a whole?

 

8 responses from the Newspage community

Copy all

Copy

Editor
Samuel Mather-HolgateVerified
Independent Financial Adviser at Mather and Murray Financial
Given the government has increased fiscal headroom from higher-than-expected tax receipts in January, using some of this to stimulate growth in forms of business tax cuts would be economically competitive. The corporation tax hike looks like it's here to stay, so a reduction in employer national insurance contributions or an across-the-board VAT cut would be great news for business, but I fear the chancellor will give us more of the stagnant procrastination of tax reduction. Dare we consider, Truss might have been onto something when talking about an anti-growth coalition.
Copy

Editor
Aaron StruttVerified
Product and Communications Director at Trinity Financial
Many homeowners want to know that they are going to be able to pay their mortgages and they are worried about interest rates. It would be nice if the chancellor could give some indication as to what he thinks is going to happen to rates. There is still a shortage of affordable homes and rental properties in many areas, and a proper plan to address this issue is long overdue.
Copy

Editor
Riz MalikVerified
Independent Financial Adviser at R3 Wealth
I don't think a stamp duty incentive is going to cut it this time with rates where they are at present. As long as there is not a repeat of last September's fiasco I will be happy.
Copy

Premium
Kylie-Ann GatecliffeVerified
Director at KAG Financial
We need help for those struggling with this current housing market. Whether it be those that are now needing to downsize due to being hit with higher living costs and rising mortgage costs or first time buyers now facing rising rents and less disposable income to save a deposit. I feel support in the form of reduced or waived stamp duty for those looking to downsize could help ease some of the pressure they are currently experiencing. Many first time buyers are now facing rental increases which means they are struggling to save towards that deposit that they have been working towards - with help to buy gone, I feel there is space for another first time buying scheme to incentivize the beginning of the ladder.
Copy

Rhys SchofieldVerified
Brand Director at Peak Mortgages and Protection
Whisper it but I think we need to see a stamp duty holiday geared specifically at people downsizing. Before everyone tells me that I'm wrong, we do have a bit of a ticking timebomb with people coming to the end of fixed rate deals on their mortgage which will force some homeowners to sell if they just can't make ends meet. Making it easier for people to actually move whilst being careful not to overly inflate house prices by making the holiday only apply to people buying a cheaper property would be really clever. Plus because it would boost overall transaction volumes it might even net the chancellor more money in overall stamp duty than it costs.
Copy

Graham CoxVerified
Director at Bridging Hub
I'd like to see Hunt abolish the Right to Buy and provide support for local authorities to build social housing in huge numbers. With small landlords selling up in droves, homelessness will increase dramatically if no action is taken. Both renting and buying property will simply become unaffordable for many. More housing stock would reduce rents and house prices alike.

Copy

Gary BoakesVerified
Director at Verve Financial
Personally, as I am due to complete on a house on the 31st March, freezing stamp duty would be lovely. On a business note freezing stamp duty will always boost the property market, with so many people sitting on the fence at the moment waiting or wishing for rates to drop this would be the incentive they would need to get looking again.
Copy

Austyn JohnsonVerified
Founder at Mortgages For Actors
It would be good to hear that they are happy with the slowdown in inflation and they are going to let it play a bit more. I've said it a few times now, stability is what the country needs. Not just for the day to day client, but also for businesses to be able to plan properly.
An SDLT holiday or discount would help greatly too.