First-time buyers have already been able to take advantage of George Osborne’s help-to-buy Isa and when it comes to the crunch point of buying the property, the government will top up savings by up to £3000 per person.
However, the lifetime Isa could be an option that is even more appealing. It’s been designed to address the UK’s current pension crisis and means that the tax-free Isa savings limit has been raised to £20,000 a year from just over £15,000. Osborne claims that “many of whom haven’t had a good deal from the pensions system”, will see greater returns for saving, receiving £1 from the government for every £4 saved, at a maximum of £4,000 a year.
It has been confirmed that the increase in Stamp Duty Land Tax (SDLT) for additional properties will also apply to larger investors. However, as many researchers have pointed out, property is still an incredible investment, it’s just going to take slightly longer to get your money back. Yet, in comparison to other investments, the returns are high and the product is tangible.
Our CEO, Martin Skinner, featured in the Metro for his opinion on the matter, stating how he believes that all forms of investment should be encouraged as there is still a ‘huge shortfall in supply’.
To read more about the Budget, click here.