One of the aims of this year’s budget has been to stimulate property transactions and leading Yorkshire estate agent Dacre Son & Hartley is cautiously welcoming the measures that The Chancellor has put in place.

Patrick McCutcheon, head of residential at Dacre, Son & Hartley says: “The announcement that the Help to Buy equity loan scheme will be extended to 2020 to fund 120,000 new homes will definitely help to encourage people onto the property ladder, but it’s probably not going to have a vast impact on the market as a whole.

“Unfortunately, the Chancellor failed to overhaul the stamp duty system which is very disappointing. As wage rises are lower than inflation for many people and rents have been rising rapidly for years, many people have been struggling to save for a deposit, let alone meet a huge tax bill. More movement is needed at the bottom end of the market to have a truly positive effect on the sales chain and a review of stamp duty could have created that impact on the market.”

The Chancellor also announced a number of incentives to stimulate housebuilding with a £500m finance fund for small house-builders.

Patrick adds: “The £500m Builders’ Finance Fund aims to support the building of 15,000 new homes by providing finance to help small builders and construction firms. We work with lots of small-scale developers in well-established residential areas, and there’s demand for high-quality new homes likes these, so this fund should encourage further development.”

Patrick adds: “Overall, these initiatives will have a positive impact on the housing market, which has been steadily recovering over the last 12 months, and we will no doubt start to see the effects within the next two years.”

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