Spring Budget 2024

• The Spring Budget this year felt very much like a keep calm and carry on budget for the housing market. There were no dramatic policy announcements to interrupt usual housing market activity.

• Better inflation forecasts from the Office of Budgetary Responsibility are good news for interest rates. The OBR forecast inflation will go below 2% in a few months' time.

• There were policy announcements relevant to parts of the housing market (landlords and second homes): cutting the higher rate capital gains, changes to second home tax relief and stamp duty relief for multiple dwellings.

• Throughout the budget there was a strong focus on growth sectors like green industries, tech and life sciences.

• For example £120m on a green industries growth innovator, £650m on a Cambridge biomedical campus and Liverpool Vaccine Centre and £270m for advanced manufacturing industries. Source: #Dataloft, UK Government, Office for Budget Responsibility Mar 2024