Property News > Budget Brief

Budget Brief

Alistair Darling gave his first budget on 12 March. Although no longer the event it used to be, the budget still attracts the attention of the media and, to a lesser extent, the average man or woman in the street. Few surprises are unveiled in budget speeches nowadays, as most of it has already been announced, promised, threatened or leaked!  So as anticipated, there's very little that's brand new.Mr Darling did announce some help for those trying to get their feet on the first rung of the housing ladder. Recognising how difficult it is to raise funds for a mortgage, the Chancellor announced that key workers (such as nurses and teachers) will be able to borrow from shared equity schemes. He also introduced the idea of long term fixed interest loans, an issue that Gordon Brown made no secret of supporting in his days as Chancellor. The idea behind this is that people would be given the ability to plan their finances over the long term and be protected against interest rate rises.First time purchasers are also set to benefit from a new scheme that delays the payment of stamp duty on shared ownership homes until 80% of the home has been paid for. Although this will reduce initial up front payments at a time of financial strain, it's likely to be a blow to home owners when the time comes to pay up; stamp duty normally amounts to a substantial sum and it's never a pleasant surprise to have to pay for something that was incurred many years previously.There is little or no respite for those trying to sell their homes in a beleaguered property market. The only slight glimmer of hope over the long term is the fact that 70,000 more homes will be built on sites that have been identified by the government. This may help ease the housing shortage, but is unlikely to do anything for buyers or sellers in the short term.If you are trying to sell because of financial pressures, work commitments, or you are simply in the position where your house has been on the market for a long time, then give Property Rescue a call. They act in complete confidence and will be pleased to talk through how their guaranteed offer scheme works. No matter where your home is or what condition it is in, Property Rescue will value it and make you an offer. If you decide to accept, your home could be sold within a few days or weeks.Property Rescue's valuation service is completely free and at no stage will you be put under any pressure to proceed.Alistair Darling gave his first budget on 12 March. Although no longer the event it used to be, the budget still attracts the attention of the media and, to a lesser extent, the average man or woman in the street. Few surprises are unveiled in budget speeches nowadays, as most of it has already been announced, promised, threatened or leaked!  So as anticipated, there's very little that's brand new.Mr Darling did announce some help for those trying to get their feet on the first rung of the housing ladder. Recognising how difficult it is to raise funds for a mortgage, the Chancellor announced that key workers (such as nurses and teachers) will be able to borrow from shared equity schemes. He also introduced the idea of long term fixed interest loans, an issue that Gordon Brown made no secret of supporting in his days as Chancellor. The idea behind this is that people would be given the ability to plan their finances over the long term and be protected against interest rate rises.First time purchasers are also set to benefit from a new scheme that delays the payment of stamp duty on shared ownership homes until 80% of the home has been paid for. Although this will reduce initial up front payments at a time of financial strain, it's likely to be a blow to home owners when the time comes to pay up; stamp duty normally amounts to a substantial sum and it's never a pleasant surprise to have to pay for something that was incurred many years previously.There is little or no respite for those trying to sell their homes in a beleaguered property market. The only slight glimmer of hope over the long term is the fact that 70,000 more homes will be built on sites that have been identified by the government. This may help ease the housing shortage, but is unlikely to do anything for buyers or sellers in the short term.If you are trying to sell because of financial pressures, work commitments, or you are simply in the position where your house has been on the market for a long time, then give Property Rescue a call. They act in complete confidence and will be pleased to talk through how their guaranteed offer scheme works. No matter where your home is or what condition it is in, Property Rescue will value it and make you an offer. If you decide to accept, your home could be sold within a few days or weeks.Property Rescue's valuation service is completely free and at no stage will you be put under any pressure to proceed.

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