What Budget measures could boost the property market?
We’ll find out very shortly (at about 12.30pm today) what will be in George Osborne’s Budget, but in advance of his announcements, estate agency eMoov.co.uk has suggested ways the Chancellor could bring buoyancy and stability to the property market:
1. Stamp Duty
Traditionally paid by buyers, stamp duty should instead be paid by the seller. This will allow beleaguered buyers to buy more easily and for sellers to utilise their equity to foot the Treasury’s bill. Stamp Duty should be changed to a flat 2% on all sale prices rather than it being maintained as an escalating levy.
The Government should set up a ‘Treasury Bank’ and lend directly to the home buyer (and small businesses) at competitive rates and with a sensible approach to risk.
3. House Builders
eMoov.co.uk proposes tax relief on house builder profits if they meet volume targets for fresh homes constructed in a given year.
What are your budget thoughts?
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