Last week the UK government announced its first mini budget since Liz Truss became prime minister.
There were several moves specifically designed to boost the country’s economy through the current climate.
The most notable for the housing market was the permanent Stamp Duty Tax cut and the Corporation Tax cut. The government has also vowed to increase UK housebuilding to keep up with the growing demand.
While this is much needed in the long run, with Bank of England needing to control inflation, interest rates will need to rise further in the interim.
For finance buyers this isn’t what they want to hear, however with savings on house prices at this time, the falling pound and the new stamp duty savings, they can look to take advantage of the market and possibly refinance in a couple of years when they can reanalyze the rates.
For cash buyers, a softening market along with huge savings on the exchange rate at this time, presents the perfect opportunity to add to their portfolio.
In the next coming months, we will be able to see how the government will support the housing market as it has already shown its keenness to keep it as a priority.
For a conversation on how to take advantage of the current climate and make it work in your favour rather than sitting on the sidelines, please contact me