Zoopla comments on the Chancellor’s 2024 Budget

Richard Donnell, Executive Director at Zoopla, comments on the announcements made in the Chancellor’s 2024 Budget.

“The budget marks another missed opportunity to take action on boosting supply and mortgage availability in the housing market.

“The consensus is that the country needs more new homes. Supply has increased but this has stalled.

“There is a need for widespread reform of the planning system to encourage supply.

“More funding is needed for social and affordable homes, and housing infrastructure investment to unlock supply.

“The Government should also look to support the emergence of a long-term fixed rate mortgage market as a matter of urgency.

“This will help more young people with smaller deposits access home ownership – particularly in southern England where deposit size is the biggest barrier to getting on the housing ladder.

“Another missed opportunity is the decision not to make the £625,000 threshold for first-time buyer relief permanent.

“This means 30% more first-time buyers will be liable to pay full stamp duty from March next year.”

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