Well not huge amounts happening I don't think to affect the property market. However, you never quite know the detail at this stage, so take some of the following with a pinch of salt until the whole document has been read and analysed.....!
So things I have picked up with could affect property market include:-
From a legal/inheritance perspective
Deeds of Variations will be investigated for tax avoidance. This may affect people who have wills, so worth checking with your legal or finance company. I'm not a legal or financial expert, but thought this was a useful article from the Professional Advisor
From an income perspective
5m self employed people will now not have to pay Class 2 NIC
Freeze on petrol duties
Personal tax allowance up to £10,600 from April 2015, then to £10,800 in 2016/7 and to £11,000 in 2017/8
Raise the tax allowance to over £43,000 for those that have to pay a higher rate of tax
If people think and feel that they are better off, they will be more confident and this, together with the economic recovery which appears to be carrying on at the moment, could mean a further boost to people buying for the first time and those trading up.
From an area perspective
Continued talk about creating a Norther Powerhouse through better connectively.
Greater Manchester to benefit especially as they will keep 100% of additional business rates their economy creates
Concentrate on more homes for London
Great news for Londoners that there is now a real acceptance our Capital City cannot grow without addressing the chronic housing shortage of social and affordable homes as well as better transport links such as 'cross rail' which allows people to commute from more affordable areas.
Interesting news for the 'North' and especially for Manchester. The growth in the area may help to drive up prices, but it's likely to take a long time - around 10+ years so for anyone thinking they can invest and make a fortune off the back of this change, it's unlikely as the demand/supply issues are a less of a problem.
From a savings perspective
Five million pensionsers will have access to their existing annuities
Those taking money from their pension won't be charged the 55% current tax, this will next year fall to a marginal rate of tax
Anyone can earn up to £1,000 in interest in savings, free of free.
More flexible ISAs which you can currently invest £15,240 in, but if you take the money out, you lose the tax free interest, this will be prevented if you put it back in.
Good news for savers, especially any help to those saving for a deposit and then needing to dip in for one reason or another to ISA savings they can then recover. As far as the ability for pensioners to take out money and put it into property instead, it's not the best of ideas as you aren't likely to see a good return, especially on Buy to Let for 15-20 years. So this could boost further demand in a market where supply is still restricted.
Specific to housing
20 new housing zones
Help to Buy ISA FTBs., start saving now, ready for Autumn
For every £200 save for deposit will top up by government with £50 more
As an example, to save a 10% 'average' deposit of £15,000, you will need to save £12,000 and the government will give you £3,000
Great news for increasing supply of new homes and indeed for help to first time buyers. However, FTBs have so many choices from shared ownership to Help to Buy 1 and 2, now a Help to Buy ISA and the 20% discounted new homes, plus the rent to buy properties too, it is confusing which way to go. But a welcome change none the less.
Is the budget a big boost for the housing market? Probably not with what we've seen to date, but we need to check the detail and work out if the 'boost' in confidence through a better economy, more money in people's back pockets and an ease on savings and access to pensions mean demand will grow and if supply doesn't grow at the same level, this could increase prices over the coming year.
