Spring Budget reaction

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Statement from Bobby Singh Braich, Managing Director of Belvoir branches in Kettering and Corby:

“Today’s Spring Budget will have noticeable impact on the property industry.

“The Chancellor said that building homes for young people is a priority in this new budget and I hope that any new housing will be affordable for those struggling to get on the property ladder. The ongoing cost-of-living crisis means it continues to be difficult for tenants to keep up with rental payments and buyers to secure a mortgage.

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“The further cut to National Insurance contributions for employees from 6 April, which will see the rate reduce by 2p which will be worth around £450 a year for someone on an average salary, will give some relief to those struggling to pay bills but I wonder if it will be enough.

Bobby Singh Braich, managing director, Belvoir Corby and KetteringBobby Singh Braich, managing director, Belvoir Corby and Kettering
Bobby Singh Braich, managing director, Belvoir Corby and Kettering

“I am disappointed to see the announcement of the abolishment of stamp duty relief for people buying more than one property. This will affect investment in the private rental sector and have a knock on effect on the lettings industry as available rentals become fewer and tenants will end up with very little choice of rental property.

“The promise of a new £20m Community Led Housing scheme supporting local communities to deliver the developments they want and need will also be welcomed by those looking to improve local neighbourhoods, but it is yet to be seen who will benefit from this.”