How the Chancellor’s budget has affected the property market

Written on 5 December 2013 by Alistair Boscawen in Property News


The latest on George Osborne’s Autumn Statement and how it affects the housing market.

It’s that time of year again! Yes, it’s Autumn Budget O’Clock, when Chancellor George Osborne gets his Santa hat on and distributes goodies to us all (well, a few quid here and there put back into our pockets, in reality). So what does this mean for those of us in the property world? Well, as expected the Chancellor stated that he will be introducing Capital Gains Tax on foreigners, the most significant thing in the budget when it comes to the housing market. This will be applied when overseas investors sell UK properties and is likely a bid to take some heat out of the UK capital’s housing market and appease Deputy Prime Minister Nick Clegg, who’s voiced his support and who’s keen to introduce a Mansion Tax as part of the Liberal Democrat election pledge in 2015. The levy will mean that overseas buyers will be subject to the tax that UK citizens pay, at a 28 percent rate. However, it’s not set to come into force until April 2015. As to how it will affect buyers remains to be seen, but as the London market’s so hot right now it’s unlikely to make a great deal of difference. For more information click on the source below:

Independant

image from freedigitalphotos.net

Alistair Boscawen

Alistair has 32 years’ experience as an estate agent, starting in the country house department of one of London’s main international agencies before moving to the Knightsbridge house department of the same agency and learning the difference in values between freehold, long lease and short lease houses in Knightsbridge, Belgravia, Chelsea and Mayfair.

All articles by Alistair Boscawen

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