Budget 2024, your residential property questions answered

The first Labour budget for 14 years was the subject of much speculation in the press. But what has changed for homeowners, buyers and sellers? And is there anything property owners should do as a result? ‘There was a lot of hype surrounding the budget,’ agrees Holly Stevens, Director, Residential Property with Ware & Kay. ‘While the impact on residential property may have been less than predicted, there are still some important changes property owners need to be aware of.’ Here she answers some common questions. I want to sell my property, what has changed? The budget made no significant changes which are likely to affect your sale. The rate of capital gains tax (the tax on any profit you make) remains the same. Moreover, if you are selling your main home, it is unlikely you…

Selling a small plot of land

On current estimates, the United Kingdom needs over four million new homes to meet its housing needs. So, if you own a small plot of land which you no longer need or wish to maintain, now could be a good time to sell, especially if your plot has development potential. ‘The prospect of selling to a neighbour or family member may feel very different from selling to a developer, but it is important to consider all the implications and take legal advice early on,’ says Holly Stevens, Director & Head of Residential Property with Ware & Kay incorporating Pearsons & Ward Solicitors. ‘For example, if you sell land to a neighbour to extend their garden, think how you would feel if they later sold the land for development and made a substantial gain.’   You…