Target Group comments on the Budget

30 October 2024

Following the Budget announcement today, which saw the Chancellor set our fiscal plans of the Government, we have a comment from Target Group.

Melanie Spencer, sales and growth lead at Target Group, said: “In her maiden Budget, the Chancellor reaffirmed the Government’s plans to get Britain building. This is essential and will hopefully in time help to answer a real shortage we are seeing in the housing market. What was lacking though was support for potential buyers and those looking to move now.

“While capital gains tax did remain unchanged for residential properties, the increase in stamp duty for second homes will have caught many landlords by surprise. While there’s an argument to say this will give first-time buyers less competition from investors, there is real concern around the ramifications for the private rental sector.

“With increases in supply forming a key part of plans, as well as changes to stamp duty and taxation, there’s no question that lenders and all parties across market need the right technology and systems in place to meet demand and streamline the house buying process. With a lack of real support to help buyers today though, technology will continue to play a role in helping lenders to innovate and venture into new product offerings, to help better serve consumers and keep the market moving in lieu of immediate and tangible government support.”