Budget 2010 – What now?

As expected, the Chancellor did a good job of talking up major cuts and tax rises, before delivering a Budget that was more politically benign.

Regarding the property market, Mr. Osborne did not have a lot to say. It looks as if the loopholes that have been used by wealthier buyers to avoid Stamp Duty are to be reviewed.

However the best thing that The Budget has delivered, is the fact that it has been delivered. Since the Election, there have been thousands of buyers and sellers of property who have been sitting on their hands and saying, ‘I am going to wait to see what the Budget will bring.’ I am not sure quite what people were expecting, but it was uncertain times and there could have been major specific proposals aimed at the housing market, particularly at the top end.

But that hasn’t happened.

There are really no more excuses, and we hope to see a housing market that will grow in confidence and transaction levels, if not in price appreciation, as properties are released onto the market and the 1.5 million who would have been expected to move over the last 2 years become more active.

We expect prices to be stable. ‘Caveat vendor’ is our motto – seller beware – and we will be negotiating hard for our clients.

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