Osborne Budget should instil confidence, says Connells
23 June 2010
The emergency budget delivered by George Osborne on 22 June should instil confidence in the economy and boost the housing market in the future, says estate agency Connells.
Divisional Managing Director for Connells Tim Wardley, believes the Chancellor’s budget marks the end of economic uncertainty and welcomes the decision not to raise Capital Gains Tax to around 40 per cent as previously predicted.
“Although the budget presented some tough measures, it demonstrated the coalition government’s commitment to simultaneously boosting the economy and reducing the national debt,” says Tim. “As far as the housing market is concerned, it is business as usual and Osborne’s decision to take a more modest approach to increases in Capital Gains Tax is better news than originally anticipated for the buy-to-let sector.”
Decisions earlier this year to raise the Stamp Duty threshold for first-time buyers to £250,000 and the recent suspension of HIPs have both played a role in boosting the housing market. These combined with renewed activity from house builders in 2010 mean that Connells has seen steady growth across the housing market this year.
“Now the emergency budget has been given, we hope to see increasing confidence in the housing market and greater opportunity for buyers as mortgage finance becomes more readily available,” Tim continues. “So the only uncertainty now is how long England manages to stay in the World Cup.”
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Notes to editors
About the Connells Group:
Founded in 1936, the Connells Group, a subsidiary of the Skipton Building Society, comprises 470 estate agency branches and is the second largest wholly owned estate agency network in the UK. In addition to operating under the Connells brand, which comprises around 150 branches, the Group trades under other well-known local names including William H Brown, Sharman Quinney, Fox & Sons and Barnard Marcus.
As well as residential property sales the Group is involved in a comprehensive range of housing related activities including land and new homes, lettings, surveying, mortgages, conveyancing, relocations, asset management and auctions.
The Connells Group has been named Best Large Estate Agency at the Estate Agency of the Year awards for four of the past six years. For more information, please visit www.connells.co.uk