He says the market is on track for a stronger year-end
With the UK Budget announcement approaching, industry experts are weighing in on the potential impact of new fiscal policies on the housing market and broader economy.
Adrian Moloney (pictured), group intermediary director at OSB Group, has shared his thoughts on the upcoming Budget, stressing the importance of carefully considering tax decisions that could affect both businesses and property owners.
Moloney highlighted speculation surrounding capital gains tax (CGT), particularly regarding second homes and buy-to-let properties.
“It has been suggested that the rate of capital gains tax on the sales of second homes and buy-to-let properties will remain untouched, but we won’t know until October 30, whether this is based on fact or speculation,” he said.
Still, the housing market has shown resilience despite recent economic fluctuations, and Moloney remains optimistic.
“As one of the largest specialist lenders, we’re remaining positive in our outlook as we know that the housing market is extremely resilient,” he said, adding that mortgage brokers are still seeing steady activity, particularly in routine transactions, even though some buyers and investors have adopted a wait-and-see approach due to uncertainty around the Budget.
While lenders and brokers expressed optimism about the resilience of the market ahead of the Budget, a recent survey suggests a more cautious outlook among the public. A survey by Skipton Building Society reveals that only 26% of people in the UK feel hopeful about the upcoming Budget, with 70% expressing worry or anxiety over potential changes.
“The need for flexible products, such as one-year fixes, alongside solid advice from brokers, is more crucial than ever,” Moloney stressed.
Looking ahead, the OSB Group executive suggested that a favourable Budget could further stimulate the housing market, which appears to be gaining momentum as the year draws to a close.
“Ultimately, time will tell, but the signs suggest the market is on track for a stronger finish to the year and into 2025,” he said. “As rates have become more competitive and lenders compete for the best deals, borrowers should benefit from increased choices. We will be keeping a close eye on the Chancellor’s announcements the day before Halloween.”
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