There were no announcements affecting the housing in today’s Budget.
This was met with criticism from the property industry.
Founder and CEO of eMoov.co.uk, Russell Quirk, said: “Zip. Nada. Zilch… Nothing….
“A bitterly disappointing, lacklustre Budget by Mr Hammond in terms of addressing the current UK housing crisis. It is clear he is continuing the head in the sand approach of those before him in bypassing the issue, with a few headline-grabbing business initiatives and the usual proclamations about how great the economy is currently performing.
“Ironic that a former property developer should give the subject such inadequate focus within his plans and woeful for those aspirational buyers on the ground still dreaming of getting on the ladder.
“The issue of housing has become the final coat of gloss on recent budget announcements, mentioned in passing to tick the boxes of a ‘well rounded’ economic plan, but equating to little more than aesthetic fluff.
“A lot of focus on the NHS and how they are the party of the NHS. Does NHS stand for No Housing Speech?”
John Goodall, CEO and co-founder of Landbay, added: “For all the talk of easing the pressure on affordability in last month’s housing white paper, Hammond’s Budget was underwhelming to say the least. By not raising the stamp duty threshold, the Chancellor has missed a valuable opportunity to improve access to the housing ladder for millions of aspiring homeowners in the UK, for many of whom the tax is the final straw when facing prices that continue to climb.
“Stamp duty is a significant barrier to liquidity in the market and any increase to the threshold would help to reverse the falling home ownership numbers and transaction volumes. I hope the situation is reviewed in the Autumn Budget.”
