LESSEL Market Update: Implications of the Spring Budget 2024
LESSEL Market Update: Implications of the Spring Budget 2024
The unveiling of Jeremy Hunt's Spring Budget 2024 was met with significant anticipation, marking a pivotal moment for property investors and the broader real estate market. In response to the new budget, we at LESSEL are committed to keeping our clients and stakeholders informed on how these changes may impact investment decisions and market dynamics. Here’s a summary of the key points and their potential implications:
Reduction in Capital Gains Tax:
A pivotal change that could enhance the profitability of selling investment properties by decreasing the tax burden on profits.
Furnished Holiday Let Changes:
Adjustments in this area may affect the attractiveness and tax treatment of investing in holiday properties, potentially influencing investor strategies.
Multiple Dwelling Stamp Duty Relief:
This relief could lower the upfront costs for investors purchasing multiple residential properties simultaneously, encouraging portfolio expansion.
Non-Dom Tax Status Abolished:
The abolition of the non-domiciled tax status could have significant implications for international investors, potentially altering investment flows into the UK property market.
Regeneration Schemes:
New or expanded regeneration initiatives could open up investment opportunities in revitalizing areas, potentially boosting property values and community development.
No Change to Lifetime ISA Cap:
The decision to maintain the Lifetime ISA cap as is continues to support first-time buyers in saving for a property purchase, potentially sustaining demand in certain market segments.
Absence of a 99% Mortgage Scheme:
The decision not to introduce a 99% mortgage scheme may impact first-time buyer market entry strategies, influencing overall market dynamics.
As the property landscape adjusts to these changes, LESSEL remains dedicated to providing our clients with the insights and guidance necessary to navigate this evolving market. Stay tuned for further updates and analyses from our team.
For more detailed information on how these budget changes might affect your investment strategy, feel free to contact us directly. We’re here to help you make the most informed decisions in this new fiscal environment.
