In today’s Budget announcement, Chancellor Jeremy Hunt revealed several key changes affecting the property market. Firstly, he announced the elimination of tax relief for furnished holiday lets and the abolishment of Stamp Duty relief on multiple properties, citing frequent abuse.

Additionally, the Chancellor disclosed a reduction in the top rate of Capital Gains Tax on property from 28% to 24%, aiming to generate more revenue by encompassing a broader range of transactions. Emphasizing the importance of enabling individuals to retain more of their earnings, he implemented a cut in National Insurance from 10% to 8%, translating to an annual saving of £450 for the average worker.

Despite speculation, the Budget did not address the proposal for a 99% mortgage to assist first-time buyers. Industry reactions varied, with some expressing relief at avoiding potentially destabilizing initiatives, while others criticized the missed opportunity to effectively tackle the housing crisis.

Calls for reforms to boost housing supply, improve affordability, and streamline the property buying and selling process were echoed by various stakeholders. However, many felt that the Budget fell short of adequately addressing these challenges, leaving the property market with a sense of disappointment and missed opportunities.