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The Chancellor’s Spring statement and what it means for the property market

Thursday 24 Mar 2022

The Property industry has broadly welcomed measures introduced yesterday by Rishi Sunak at the Chancellors Spring Statement, although he steered clear of focusing too much on housing. After the stamp duty holiday introduced during the pandemic which is one of the most positive things for home buyers the Chancellor has initiated, it was unlikely that another such initiative would be introduced.

Amid reports that inflation could average around 7.4% or higher this year, his statement yesterday was primarily designed to help reduce the spiraling cost of living.

There was a reduction in VAT on the installation of energy saving materials in residential properties from 5% to zero for the next five years while £500m was put into the household support fund.

He also reduced fuel duty by 5p but did not abandon plans to increase national insurance by 1.25p

Other measures in the Chancellors announcement included VAT on solar panels, heat pumps, roof insulation and other saving measures being reduced from 5% to zero for five years. This could save £1,000 on a solar panel installation to a typical household

David Phillip said “despite increasing interest rates, growing inflation and rising fuel prices, this has not deterred the housing market, in fact this was clearly shown by Rightmove confirming a new record high in its recent house-price index with Yorkshire and Leeds fairing particularly well overall.

With supply currently tight and mortgage rates low this is a great time of opportunity for people considering selling their home as we move into the Spring market”

So, while there were no major property initiatives announced yesterday, the savings should provide a small amount of breathing space to consumers.

If you are looking to sell your home and live in Bramhope, Adel, Cookridge or Pool-in-Wharfedale and would like a free market appraisal call David Phillip FRICS on 01134 676 400

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