This year’s Budget focussed heavily on the UK’s recovery – with the economy seemingly rising from the doldrums and facing a brighter future as we look towards a general election.
Employment is on the rise and the deficit is falling. But what about the property market? And how do the Chancellor’s priorities affect those whose businesses fall within what has undoubtedly been a volatile sector over the last decade?
“Help to Buy has provided an excellent opportunity for those who wish to enter the property market but who are unable to save enough for a deposit,” says Rob Dolbear, managing director at relocation specialist HCR.
“And now Chancellor George Osborne is introducing the Help to Buy ISA – providing a little extra help for those able to save over a five year period. Effectively, the state will pay £50 for every £200 saved towards a deposit of up to £15,000. This is a good idea, although in London, because of the size of deposits required, I don’t expect it to make a huge difference there. It could push house prices up in other areas of the country but I think this will be marginal.
“Housebuilding is being provided with an extra boost – with plans to allow the use of Brownfield sites for around 50,000 new homes. This should provide an excellent chance for people to own a home – and it will also mean more opportunities for those wishing to buy to let.
“Importantly, the Government outlined plans to make it easier to sub-let rooms. Allowing people to rent parts of their home on a short-term basis may have a knock- on effect within the relocation industry. Those wishing to work away from home for the limited duration of a project or event may opt to rent a room in an individual property – rather than stay at a hotel.
“Equally, those who are thinking of renting a flat may now have the opportunity to sub-let one of their rooms to a further tenant.
“Whatever the situation, it is our business to keep abreast of changes and opportunities. Our team of specialists is standing by to provide advice and information about relocation – whether it’s for the long or short term.”