Homeowners to feel budget impact
Homeowners who have invested in a bespoke lean-to conservatory in order to make their property more attractive to buyers could feel the effects of the latest Budget.
According to firstrungnow.com, the changes to capital gains tax could increase competition in the residential property market.
Managing director Helen Adams suggested that the changes could see many landlords selling their properties, which could flood the market and drive down prices.
"Maybe it might make more properties available for a first-time buyer, which would be good," she said.
She bemoaned the fact that mortgage rates have not dropped in line with interest rates, despite recent moneyfacts.co.uk findings showing the average fixed-rate home loan is at its lowest for seven years.
A typical two-year fixed-rate deal is now priced at 4.52 per cent - the cheapest it has been since September 2003.
The budget may also dent buyer confidence, Ms Adams added, especially with the increase in VAT making people more aware of their spending.
Posted by David Waxman
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