?? Today’s Budget: Key Changes for Buyers and Landlords
UK Moneyman Limited
Independent Mortgage Broker | Age 60+ Mortgage Specialist | Bridging Loans | Commercial Mortgages ????
Chancellor Rachel Reeves has unveiled significant updates in today’s budget, with several important changes set to impact landlords, investors, and homebuyers.
The current Labour government is steering towards a more balanced housing landscape, focusing on adjustments to stamp duty and the Right to Buy scheme.
Landlords face an immediate increase in the stamp duty surcharge on additional properties, moving from 3% to 5%. This surcharge, initially introduced in 2015, aimed to reduce the rapid acquisition of properties by investors.
As a result, a typical ￡100,000 property, which would previously have incurred ￡3,000 in stamp duty for investment purposes, will now cost ￡5,000. This new rate may affect plans for landlords looking to expand their portfolios.
No mention of extending the current stamp duty holiday period in the Budget which means thresholds will increase for homebuyers from the end of March 2025 as planned. Homebuyers aiming to avoid higher costs are advised to move forward with property purchases ahead of this date, as stamp duty paid may increase after the deadline.
Lastly, the Right to Buy scheme, a policy introduced by the Conservatives in 1980, is seeing changes. Labour have, previously in government, capped the discounts available to council tenants and have announced in this budget that they will be reducing these again.
?? Video Summary of Today's Budget
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Malcolm Davidson
Managing Director @ UK Moneyman Ltd.
0333 412 2222