On the 26th of March, Chancellor Rachel Reeves presented the Spring Statement, and with it came fewer updates for the property market than we saw in last year's Autumn Budget.
Labour aims to build 1.5 million new homes
Labour has been working towards realising their goal of building 1.5 million new homes during this parliament.
To help achieve their ambitious target, Rachel Reeves announced 18,000 new homes in England via a £2 billion grant.
The Office for Budget Responsibility (OBR) reports that proposed changes to the planning system would also help get housebuilding up to a "40-year high".
The OBR went on to project an extra 170,000 new properties to be built by 2029-30 thanks to these reforms, which would make the economy 0.2% bigger by 2029-30.
Labour's proposals will also bring them close to their 1.5 million new homes target, with the OBR predicting they will achieve 1.3 million before the end of parliament.
Stamp Duty holiday set to end
The current Stamp Duty Land Tax (SDLT) holiday is set to end on the 1st of April. This means you may face increased upfront costs when purchasing a property.
For example, previously first-time buyers didn't have to pay Stamp Duty on properties valued up to £425,000. From the 1st of April, this will be reduced to £300,000.
Some were holding out hope for a surprise extension to the Stamp Duty holiday, but there was no reference to Stamp Duty in the Spring Statement. You can expect the changes to Stamp Duty to come into effect shortly.
If you have a question, we'd recommend speaking with a local property expert. Or, try our free Stamp Duty calculator to find out how much Stamp Duty you'll need to pay on your next home.
No changes to Inheritance Tax thresholds
Inheritance Tax thresholds were frozen until 2028 by the previous government, and Rachel Reeves extended this freeze to at least 2030 in the Autumn Budget last year.
There was no update on Inheritance Tax in the Spring Statement, so you can expect this freeze to hold.
The idea behind freezing the threshold for Inheritance Tax is that, with property prices rising over the years, more households will be liable to pay the tax as the value of their home pushes them past the £325,000 threshold.
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