It is officially Autumn. Although I’m sure many of us are wondering when exactly we had Summer. The summer months were kind to the residential property market and we saw impressively high levels of property sales. With the nights drawing in comes the onset of darker nights whilst the end of October brings a time of fear.
The end of next month brings the Autumn Budget! The first under the new Government. The good news is that there are no predictions of ground shaking changes to the main of the property market however there are a couple of things that may be worth keeping an eye on.
Tax has been a commonly used word in political discussions and increases in it an inevitable expectation. Even the property market doesn’t seem to be able to avoid the reach of His Majestys Revenue and Customs and there are suggestions that there are going to be changes to Capital Gains Tax, Inheritance Tax and Stamp Duty Land Tax.
One of the decisions used to drive the property market forward after Covid was the Stamp Duty holiday. Thankfully this is not being removed however the holiday for first time buyers looks to be reducing (although the current level is £425,000). Alongside this are expected increases in inheritance tax (the main chunk of an estate's value is attributed to property) and capital gains tax (which often comes into effect when selling a second property which has been owned for a significant period of time).
It is anticipated that none of these changes will have a significant impact on property transactions although some will be affected more than others.
Poole Townsend offer a range of experts, not only within the property market but also covering the financial and legal aspects of property, and we are more than willing to talk to you and advise you on the best approach to take. By providing expert knowledge and care to our clients we continue to hold a market leading position in all aspects of property. Get in touch with the team.
By Craig TuCraig Turnerrner, Property Department Manager & Valuer, Kendal Office