Playing it safe: Steadying the UK’s property market
For a property market battling Brexit uncertainty, the UK chancellor’s autumn budget — delivered one month ahead of schedule — fell a little short of the mark. I’m not the only commentator to note that the budget failed to provide ground-breaking measures, or indeed any-thing to allay investor fears over a no-deal Brexit, but it did succeed in demonstrating a growing awareness of the challenges facing UK property.
There were three key takeaways from the October statement. The first was the extension of the residential Help-to-Buy scheme (a UK Government–run equity loan designed to help renters buy) by another two years. The scheme will now run until 2023, although the government has been clear this end date is absolute. Help-to-Buy (HTB) has increased liquidity at the lower end and helped to boost sales volumes throughout the last 12 to 18 months.
As the deadline looms, inflated sales volumes are something to watch out for.