BUDGET 2015: Rob Jupp reacts
The budget was surprisingly light on information to boost the housing market.
The announcements on the mortgage interest rate for buy-to-let to the lower rate tax band is likely to have quite an effect though and could well dampen the market.
Ironically not for the lower end accidental landlords who are less likely to be disadvantaged by the move and not for company schemes who invest in property.
Measures have been needed to create more of a balance for first-time buyers who have often been disadvantaged by investors with a greater means to buy, so time will tell whether this announcement goes a step towards readdressing the balance.
What we really needed to hear were measures as to how more housing will be built to ease up the supply and demand issues.
The planning announcement on Friday this week needs to make it easier to build more houses especially in brown field areas in order to help keep house prices under control.
Although, the markets don’t seem optimistic for house building prospects as the shares in house builders have already dropped since the budget.