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The UK’s first female Chancellor of the Exchequer, Rachel Reeves, MP, delivered the first Labour Budget for 14 years on 30 October 2024, announcing tax increases worth £40 billion. Whilst agents will be relieved not to see a hike in Capital Gains rates, it is disappointing that the reversal of Section 24 and support for property owners to meet Minimum Energy Efficiency Standards have been overlooked. It is also a missed opportunity to give structured support to first-time buyers and downsizers to boost consumer confidence.
The property expert and MoveiQ founder has agreed with the proposals we submitted in our Autumn Budget representation. This Budget offers Chancellor Rachel Reeves MP a real opportunity to promote much-needed progress in the sector. Her decisions regarding SDLT reform, support for first-time buyers and energy efficiency, and the clarity she provides on landlord taxation, will be crucial in determining the future direction of the UK housing market.
Lloyds Banking Group has announced an injection of £2bn to help prospective homeowners secure mortgage funding. An improved loan-to-income multiple will allow eligible first-time buyers to borrow up to 5.5 times their annual household income.
Our pro-growth solution to tackle challenges the housing sector is experiencing has been sent to HM Treasury which focuses on increasing supply in the private rented sector, will boost home ownership, and generate momentum in the wider property market.