Chancellor Philip Hammond decided to play it safe for 2018’s Budget, with no nasty shocks or surprises for the general public. There was little in the Budget concerning the property industry – an extension of Help to Buy until 2023, a prior stamp duty cut being extended to shared ownership purchases and for lettings, and a new tax relief for landlords who live in the property they are renting out.
It’s more a case of what the Chancellor missed out, rather than included. There was no retraction of the Tenant Fee Ban, no reduction of second home stamp duty costs and no rethink about punitive mortgage tax relief measures for landlords – that was just wishful thinking on the letting industry’s part.
All eyes are now on 2019’s spring statement, any new housing white papers and next year’s Budget, which should all come post-Brexit and perhaps after the Tenant Fee Ban has taken effect.