Rightmove reaction to the Spring Budget

Tim Bannister, Rightmove’s property expert said: “We had hoped the government would seize the opportunity to help first-time buyers and reform the outdated stamp duty system today, instead, home-movers are left with very little. There is a chance that the reduction in the higher rate of capital gains tax will mean some landlords to sell properties which could, in turn, increase choice for first-time buyers. Whilst any increase in supply for first-time buyers is welcome, we will have to wait to see how substantial it is, and it may also result in a further reduction in already-tight rental stock levels in the short term.”

Christian Balshen, Rightmove’s lettings expert said: “Anything that makes homes more affordable to local residents in staycation hotspots, through either the lettings or owner occupier market, is welcome. The removal of tax reliefs for landlords of holiday homes in conjunction with lowering capital gains tax when they sell, may see more of these properties come to the sales market. However, it has become clear in the last few years that penalising landlords does not work to promote a functioning Private Rented Sector. This is another example of a missed opportunity to support the rental sector for the benefit of both tenants and landlords”

Matt Smith, Rightmove’s mortgage expert said: “Despite mortgages being one of the defining topics of 2023, there is not one mention of the word in the 98-page Spring Budget. Whilst a 99% mortgage scheme was reportedly considered, it appears to have been scrapped and then no replacement found. More innovation is needed to help first-time buyers with smaller deposits, and those who are struggling to borrow enough to get onto the ladder.”