The latest budget was recently announced. We have had our experts go through all the changes and pick out the parts that we believe will affect properties in Peterborough. It is important that landlords, property owners, house buyers and property investors are aware of these spring budget 2024 changes as it may affect them and their properties in Peterborough.
- Multiple Dwellings
The decision has been made by The Chancellor to abolish the holiday home tax regime, also known as the furnished holiday lettings tax regime. Experts believe that this could result in holiday landlords loosing around £2,835 a year.
In addition to this, there has been a reduction in the higher rate of property Capital Gains Tax has gone from 28% to 24%. This is the tax that is paid on the profit of when an asset, such as a property, is sold.
An abolition of multiple dwellings relief was also announced in the spring budget 2024. This is likely to impact larger property landlords. It will also affect the buy to let sector.
- More Homes
The Chancellor announced in the Spring Budget 2024 further changes that could affect properties in Peterborough with a commitment to build one million new homes. The goal is to construct one million new homes by the end of the Parliament term. This includes areas such as Canary Wharf and Blackpool, but also Cambridge. These extra houses in Cambridge and Canary Wharf could significantly affect the Peterborough housing market.
- Household Support Fund
The HSF, also known as the Household Support Fund, is set to continue for at least another 6 months. This program started in 2021 with food banks and warm spaces. It was designed to support families with low income. Therefore, the extension of this funding could help Peterborough landlords with low-income families as tenants.
The spring budget 2024 outlined significant changes that impact the property market in Peterborough and throughout the UK. These include things like tax cuts for landlords and commitments to increase the current housing supply. If you are unsure how the spring budget will affect you or your properties, feel free to call our team or speak to your accountant.
