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Impact and Analysis of the UK Spring Budget 2024 on the Property Market
三月 12, 2024
Impact and Analysis of the UK Spring Budget 2024 on the Property Market 倫敦
By   Internet
  • 城市報
  • UK housing market
  • spring housing market conditions
  • UK property
Abstract: The property-related proposals in the UK Spring Budget 2024 will have far-reaching implications for the real estate market. These proposals involve capital gains tax, holiday home taxation, stamp duty, non-resident taxation policies, and short-term holiday home planning permission requirements, triggering significant changes in the real estate industry and among investors.

The reduction in capital gains tax rates is one of the key measures in this budget. Starting from April 2024, the capital gains tax rate for the sale of non-primary residential properties will decrease from 28% to 24%, reducing the tax burden on investors when selling properties and encouraging more property sales. This measure may stimulate more property transactions in the market, positively impacting market supply and demand.


The removal of furnished holiday home tax reliefs will affect the holiday home market. From April this year, holiday homes will lose tax advantages, potentially leading to an increase in sales or long-term rental markets, influencing investors' choices and operational strategies.


Impact and Analysis of the UK Spring Budget 2024 on the Property Market

Internet


The removal of multiple dwelling stamp duty reliefs will increase the cost of purchasing properties. Starting from June 2024, stamp duty on the purchase of more than one residential property will no longer enjoy reliefs, increasing the tax cost of individual property purchases and potentially affecting purchase decisions and investment planning.


The reform of non-resident taxation policies will also impact the real estate market. From April 2025, new immigrants will be exempt from overseas income tax for the first four years, which may affect foreign investors' willingness to invest in popular cities like London, exerting a certain restraining effect on the market.


The introduction of short-term holiday home planning permission requirements will affect the short-term rental market and local communities. Starting this summer, renting out short-term holiday homes will require local council planning permission, potentially triggering market adjustments and changes in operational models, affecting the strategies of holiday home operators and investors.

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Impact and Analysis of the UK Spring Budget 2024 on the Property Market
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