Spring budget 2024

Was anything announced that is relevant to you buying in Oxford?
In short we were disappointed with what the Chancellor Jeremy Hunt delivered, with very little news relating to the housing market. No mention of mortgages, the proposed 99% mortgage scheme has now been abandoned.

So what was said that is of relevance or help to the Oxford housing market?
1.    Multiple dwelling tax relief. 
In hope that more landlords would invest in property, leading to more rental properties available the tax relief was originally put in place. The effects of this have not created the results that had been hoped leading to the tax relief now being scrapped.

2.    Holiday lets will now pay the same tax as long term rentals in hope to boost the long term rental market.
These legislations are planned to come into place in April of next year.

Stamp Duty
Stamp duty has always been a huge cost to consider and always a talking point amongst buyers. 
The existing stamp duty thresholds expire in Spring 2025 and we always remain hopeful that the help for first time buyers improves. With house prices increasing and mortgage rates now much higher than previous years, more help in needed for first time buyers.

With our company based in Dorchester-on-Thames and Summertown, our experience is focused in property sales in Oxford and the Oxfordshire villages. We are seeing the average first time buyer is now 32 years old and often buying, with a partner, teaming up with siblings, family members and friends. Very rarely buying as an individual simply because house prices and mortgage rates make it very hard to do so.

More does need to be done to assist as these first time buyers are often qualified doctors, teachers, the professionals that we so desperately need in our hospitals and schools. We don’t want to see house prices or rental prices driving them out of the area.

If you wish to work out the stamp duty on your next  purchase please feel free to use our Stamp Duty Calculator