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Spring Budget 2023: What does this mean for Property Investors?

April 14, 2023

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Article Summary

Buy-to-let
  • One of the most significant announcements in the budget is the extension of the stamp duty holiday. The latest extension means that it will remain in place until the end of September 2023.

  • There has been an introduction of a new Help to Buy scheme. It will provide government-backed loans of up to 20% of the purchase price of a new-build property.

  • The government has announced a new £100 billion infrastructure programme that will help to improve transport links, create new housing developments, and support the growth of businesses.

April is here, and just last month the 2023 Spring Budget was announced by Chancellor Jeremy Hunt, outlining his plans in his first budget in the House of Commons. It outlined several plans for the future, with a focus on those who have left their jobs to return to the workforce, and boosting business investment.

Following this, property investors have plenty of reasons to be positive. The budget is packed with measures that are designed to help support the property market, encourage investment, and boost economic growth.

Stamp Duty Holiday

One of the most significant announcements in the budget is the extension of the stamp duty holiday. This measure was introduced in 2020 to help stimulate the housing market during the pandemic, and it has been extended several times since then.

The latest extension means that the stamp duty holiday will remain in place until the end of September 2023. This means that property investors can continue to save thousands of pounds on their property purchases, which will make investing in property even more attractive.

Help to Buy

Another measure that will be welcomed by property investors is the introduction of a new Help to Buy scheme. This scheme will be available to first-time buyers and existing homeowners, and it will provide government-backed loans of up to 20% of the purchase price of a new-build property. This will make it easier for people to get onto the property ladder, which will in turn help to stimulate the wider property market.

Other Infrastructure Programs

In addition to these measures, the budget also includes a range of other initiatives that will benefit property investors. For example, the government has announced a new £100 billion infrastructure programme that will help to improve transport links, create new housing developments, and support the growth of businesses across the country.

This will help to create new opportunities for property investors, who will be able to take advantage of the new infrastructure to invest in properties that are located in areas that are set to benefit from these improvements.

More Schemes

The government has also announced a range of measures to support small businesses, which will be good news for property investors who own commercial properties. These measures include a reduction in business rates for small businesses, as well as the introduction of a new business support scheme that will provide grants to help small businesses recover from the impact of the pandemic.

This will help to support the wider economy, which will in turn help to create new opportunities for property investors. Property investment opportunities are becoming more attractive to local and overseas buyers as the UK’s economy begins to settle once again and prices of UK properties are beginning to rise at the rate as they did pre-pandemic.

Conclusion

Overall, the 2023 Spring Budget is great news for property investors. The extension of the stamp duty holiday, the introduction of a new Help to Buy scheme, and the government’s infrastructure programme all provide new opportunities for property investors to grow their portfolios and benefit from the growth of the wider economy. With so many positive measures in place, now is a great time for property investors to take advantage of the opportunities that are available and build their portfolios for the future.

To learn about the property investment opportunities above, or to find out more about how property investment works, get in touch with the experts at North Property Group today.

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