After suffering under the 2012 budget, the property sector was a surprise winner under this year’s budget. The main points of interest to the industry were:
- Help to Buy scheme offers buyers who have a 5% deposit an interest free loan of up to 20% of the value of most new homes.
- A £12bn government guarantee to lenders scheme in an effort to support £130bn of high loan to value mortgages.
- Consideration is being given to the relaxation of the rules governing Self-invested personal pensions (SIPPS) Until now, residential property was not permitted in SIPPS
For more information on the budget visit HM Treasury