Jonathan Rolande Director of NAPB and founder company House Buy Fast gives his take on the latest Spring Statement.
Who’d heard much about a Spring Statement before March 2022?
Almost a footnote in the news in other years, this one has taken on a life of its own as the chancellor, Rishi Sunak lays out the state of the country’s finances and attempts to help those badly affected by the cost of living crisis we’re all going through.
Has anything been done to help? Yes. Could he have gone further? Probably.
With the economy and the property market running at high speed, inflation has become, out of nowhere, the issue to resolve. Prices in shops are increasing at a very noticeable rate and house prices show only the faintest signs of slowing down, leaving millions of first time buyers without a hope of affording a home.
Other than general reductions in National Insurance and fuel which will put money back in to people’s pockets, nothing was done to address the imbalance between those who own a property, and those who do not. A chance to increase stamp duty for wealthy investors and second home buyers was missed along with the opportunity to reduce the tax even further for first timers by increasing the threshold at which they pay – this would address the huge inflation in prices that mean this benefit is diminished month by month.
All eyes are now on the Autumn Budget when more assistance may be given, as winter energy bills loom unwelcomely on the horizon. For now though, the gap between those with a property and everyone else, looks set to widen.