CHARLIE WELLS

Jazmin Atkins
Leave property well alone in the budget 
7 JULY 2015

 

Given the drastic stamp duty changes at the end of last year, we are hoping that the Chancellor will leave property well alone in this Budget. The market is still unsettled in London and the country, and despite the election result, uncertainty remains. 
 
People still feel as though the world is a fragile place. Despite the UK being viewed as a safe haven compared with the issues facing Greece and other countries, confidence is not being felt across the spectrum. Any wealth is still quite polarised and the property market needs to be functioning at all levels.
 
There is confidence among those who can access cheap money or who have large amounts of capital. But we need some of the bigger deals to happen so that these can filter through to the lower echelons of the market. 
 
Everyone you speak to at every level of agency is saying the same thing: it is tough at the moment. Deals are not easy, with a huge gulf between sellers’ and buyers’ expectations.
 
Anyone with serious money bought before the election. The market is stronger for those with a needs-based purchase while discretionary buyers are still holding back. The land market has also stuttered for the past four/five months. 
 
With all this in the mix, any further taxes on property or land would not be welcome. Penalising the wealthy further would be a grave error as the market is still recalibrating.

 

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