2018 Budget Reaction
JENNET SIEBRITS, HEAD OF RESIDENTIAL RESEARCH AT CBRE, COMMENTS:
“Whilst it is pleasing to hear the Government’s plans to extend Help to Buy until 2023, the “cold turkey” impact on First Time Buyers once Help to Buy ends could have a significant effect on the property market. We would urge policy makers to consider long term options that support First Time Buyers.
“Furthermore, despite additional Stamp Duty for overseas buyers being touted at the lower end of the Government’s initial proposal, we believe that any levy will contradict the message that Britain is fully open for business and clarity around this proposal would be welcome to minimise uncertainty.
“Finally, the Letwin Report was released in conjunction with the Budget. It emphasises diversification as a way to increase building rates, but there is a growing concern that adding yet another layer of bureaucracy to planning structures around large sites could be costly and subsequently slow down development rates.”