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George Osborne avoids shocking the market

2015 Budget measures welcomed by Winkworth   With only a couple of months to go before the general election, George Osborne, the Chancellor of the Exchequer, has avoided sending tremors through the property market. The point in The Budget of most significance to the housing market was the announcement that there will be Help to Buy ISAs for first time buyers to help them save for a deposit for a home. With these accounts, for every £1 saved, the government has pledged 25p up to the value of £3000, which means that if a person saves £10,000 for example, then the government will give £2500 towards the deposit for a home. “Help for first time buyers is always welcome, as they enable the market to keep moving rather than stagnate and allow for the natural cycle of people moving up the ladder to continue,” comments Dominic Agace, CEO of Winkworth. However, the top-end of the market seemed to avoid further reforms in today’s budget, following the stamp duty changes in December, which saw Stamp Duty increase significantly for homes for sale for over £1million. “As an agency, we are thankful that the higher-end of the market has been spared from any reforms," Dominic adds. "We believe that in order to have a sustainable and healthy property market, there needs to be movement at all levels and curtailing sales at the top-end can have a negative impact on the whole.” He continues, “Our main concern for the market is the need for new homes as we’re not building enough. Further construction is needed in order to ensure that the balance of supply and demand is maintained. I expect that there will be more mention of this in the lead-up to the general election as it an issue many people are troubled by.” For now though, it seems the chancellor has steered a gentle course and not caused too many uncomfortable waves in the property market ahead of the election.

2015 Budget measures welcomed by Winkworth

  Politicians Arrive in Downing StreetWith only a couple of months to go before the general election, George Osborne, the Chancellor of the Exchequer, has avoided sending tremors through the property market.

The point in The Budget of most significance to the housing market was the announcement that there will be Help to Buy ISAs for first time buyers to help them save for a deposit for a home. With these accounts, for every £1 saved, the government has pledged 25p up to the value of £3000, which means that if a person saves £10,000 for example, then the government will give £2500 towards the deposit for a home.

“Help for first time buyers is always welcome, as they enable the market to keep moving rather than stagnate and allow for the natural cycle of people moving up the ladder to continue,” comments Dominic Agace, CEO of Winkworth.

However, the top-end of the market seemed to avoid further reforms in today’s budget, following the stamp duty changes in December, which saw Stamp Duty increase significantly for homes for sale for over £1million.

“As an agency, we are thankful that the higher-end of the market has been spared from any reforms," Dominic adds. "We believe that in order to have a sustainable and healthy property market, there needs to be movement at all levels and curtailing sales at the top-end can have a negative impact on the whole.”

He continues, “Our main concern for the market is the need for new homes as we’re not building enough. Further construction is needed in order to ensure that the balance of supply and demand is maintained. I expect that there will be more mention of this in the lead-up to the general election as it an issue many people are troubled by.”

For now though, it seems the chancellor has steered a gentle course and not caused too many uncomfortable waves in the property market ahead of the election.

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