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The Budget is good news for the property market

The Budget is good news for the property market

Date Posted: 18/03/20

Chancellor Rishi Sunak’s first budget, and the first budget since Brexit, appears to have been well-received and is encouraging for the local property market believes Putterills’ Managing Director Mark Shearing.

“The local property market has got off to a flying start this year”, reported Mark “with Putterills’ offices being an amazing 90% ahead of the same period last year in terms of homes being sold.

The economy already appears to be performing well and in particular Hertfordshire, which has almost full employment, and many companies reporting strong results and some planning to expand.

Cuts to national insurance contributions and forecasts of continued economic and wage growth, coupled with Mark Carney’s decision at the Bank Of England to cut interest rates today, should mean that people will have more money in their pockets and mortgage borrowing will remain inexpensive, often more competitive than renting.

In addition, many leading economists, as well as the property portal Rightmove, are forecasting moderate price increases this year, so more and more people will be planning to move during 2020.

We are, of course, conscious that the corona virus could yet have an impact, but at present it does not seem to be dampening people’s house hunting enthusiasm” added Mark.

“We hope that this virus will be contained as soon as possible but in the meantime the Government seem to have put robust plans in place to help the NHS and to protect the economy. They are also making sure there is a financial safety net for any people being affected by it, or needing to self-isolate.

For the latest information on what’s happening in your area, please call your local trusted property experts here at Putterills.

We look forward to hearing from you.

The Putterills Directors