The 2014 budget for property peeps in a nutshell

The 2014 budget for property peeps in a nutshell
Posted by James Hood

This year’s budget from the Chancellor was, according to the man himself, one for “makers doers and savers”. He told the nation the government’s job is far from over, referring to the country’s deficit and plans to pay it down and added that this is still their focus. His message was one of promise and stability – we are in a strong position in a number of areas. For example:

No advanced economy in the world is growing faster than in the U.K. today

The economy is expected to reach a point where it is bigger than before the recession.

Predicted growth in 2014 is 2.7% - the greatest increase between budgets for over three decades.

 
For landlords and property people, there were a number of points to note:

The housing market is under scrutiny to avoid a bubble.

£140 million has been allocated to improve flood defences across Britain, with the chancellor announcing:“We will fix the roof while the sun is shining to protect Britain from future storms".

House building is up 23%.

Financial assistance is being offered to smaller house building firms.

Finance is being made available for people to build their own homes.

The regeneration of run down council estates continues and will also be an area that is progressed for the coming year.

The government is extending the Help to Buy option until 2020.

£200 million has been allocated to improve our roads and get rid of potholes.

Council Tax has been frozen.

 

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