"The UK's housing market is showing signs of slowing down amid speculation that Rachel Reeves could announce tax increases on property in next month's budget. In a sign of growing caution among house hunters, figures from Rightmove showed that both the number of new buyers contacting estate agents about homes for sale, and the number of new sellers coming to market, slumped by 5% in September compared with the same month a year earlier."
"The Treasury has explored a new tax on the sale of homes over 500,000 and the removal of the capital gains tax exemption on primary residences above 1.5m as ways to boost income for the government. The introduction of a new council tax band for higher-value properties in England could also be considered, while the chancellor has faced pressure from Labour MPs to overhaul property taxes in next month's budget."
UK housing market activity has slowed as new buyers contacting estate agents and new sellers coming to market both fell by 5% in September year-on-year. The typical post-summer bounce in activity has failed to materialise. Speculation about budget measures targeting higher-value property has increased caution among potential movers, especially in southern England. Proposals under consideration include a tax on sales of homes over £500,000, removal of the capital gains tax exemption on primary residences above £1.5m, and a new higher-value council tax band. The average asking price rose 0.3% in October to £371,422, below the ten-year October average.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]