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What does the 2014 Budget mean for the UK property market?

Posted by: In: Real Estate 19 Mar 2014 Comments: 0 Tags: ,

The UK Chancellor George Osborne delivered the 2014 Budget today with a focus on helping savers and investors, but also builders. Repeating a call to “get Britain building”, he announced the construction has already increased 23 per cent in the UK, as the country tries to tackle a severe housing shortage, which has left the private rented sector growing and house prices soaring.

“Much more needs to be done,” said the Royal Institution of Chartered Surveyors in response to Osborne’s speech. What “more” is the Chancellor planning exactly?

More Help to Buy equity loans

Construction was therefore a priority for the Chancellor, whose flagship decision to extend the Help to Buy equity loan scheme by four more years was announced before the speech this afternoon.

“Taken all together, the housing policies I announce today will support over 200,000 new homes for families,” Osborne declared.

The Help to Buy equity loan scheme is at the heart of this drive, with the extension until 2020 expected to bring an additional 120,000 homes to the market.

The decision has largely been welcomed by the industry, with Knight Frank highlighting the longer timeframe’s importance for builders: “The extra longevity of the support to the market will allow …read more

Source: The Movechannel



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