Many commentators had been predicting a particularly low key Budget for the industry and so it proved with no reference to housing or property in the entirety of Mr Hammond’s speech.
In what will be the last ever UK Spring Budget address, the chancellor shied away from introducing any new property taxes. Furthermore, there was no reference to the introduction of mortgage interest tax relief changes for landlords, first announced in the summer of 2015, despite calls from some industry groups for them to be scrapped.
As with most Budget announcements, the devil typically lies in the detail and this is likely to be no different. Indeed, measures announced to minimise the advantages of the self-employed over the employed surrounding National Insurance and tax payments may hold some issues for landlords further down the line once the full Budget text is published, most notably for those who set up companies to reduce the impact of the mortgage interest change.
Finally, in a move that will disappoint many across the industry considering the impact on residential property transaction levels and revenues, Hammond ruled out any further action on stamp duty for now, suggesting he would wait to see if there was a need for further revision of SDLT later this year.