Property expert Louisa Fletcher commented one today’s developments exclusively to Express.co.uk, and said: “Although today was always going to be a Spending Review and not a Budget, there were hopes that Mr Sunak wouldn respond to recent calls from the property and financial services industries to announce an extension to the current Stamp Duty Holiday scheme.
“Due to the current levels of high activity and demand, transaction times are taking far longer than usual, meaning that there is a risk that thousands of home buyers may not make the current deadline, creating a tax liability unless the there is an extension.
“Aside from that, the announcement about a £7.1bn homebuilding fund and the simplification of the current planning system are both welcome news, albeit that there needs to be broader support around helping both first time buyers and home movers with lower deposits obtain suitable mortgages.
“Of course, the new Help To Buy scheme is introduced next Spring so this will hopefully go some way to assisting those purchasing new build properties, but it won’t help everyone. There has been talk of government backed, high loan to value mortgages for some time but we’re yet to hear the detail.
“So yes, it’s great that there is a push to build more homes and the funds are being invested to do so, but we also need to make sure that the means are available for people who also may wish to purchase existing residential stock too, in order to keep the majority of the market moving.”