Overseas buyers and investors of United Kingdom property in Southeast Asia will be breathing sighs of relief this morning following yesterday’s U.K. annual Budget statement that, at first glance, avoided adding any additional burdens by way of taxes or fees.
Finance Minister George Osborne had is aim firmly on helping British first-time buyers save for their first home in what is likely to be seen as a populist move by the outgoing Conservative government.
The Budget was largely devoid of measures that will impact the country’s property sector, except for the establishment of 20 new housing zones throughout the country.
Carol Peett, Managing Director of West Wales Property Finders, said: “Of importance will be the new “Help to Buy” ISA (Individual Savings Account) for first-time buyers, which will mean the government tops up by £50 every £200 saved for a deposit.
“More buyers in the market, particularly at the entry level, will encourage house builders to target this growth sector. It will also mean second-movers and downsizers will be in a better position as there will be more activity in the market.”
What remains to be seen now is the policies relating to overseas property buyers and investors that will be published in each political party’s manifesto ahead of May’s General Election.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
