What does the new budget mean for people in Warwick? Local expert explains

By Alex Sharp

31st Oct 2024 | Local Features

This is how the budget could impact your daily finances (image by Ellen Manning)
This is how the budget could impact your daily finances (image by Ellen Manning)

Alex Sharp of GAM Home Loan Specialists writes about the impact of this week's budget and what it means for people in Warwick.

The UK Budget, announced on October 30 by Chancellor of the Exchequer Rachel Reeves, introduced significant changes aimed at stabilizing the economy, bolstering public services, and supporting low- and middle-income households amid ongoing economic challenges.

This budget has already been praised and criticised from different commentators.

The 2024 UK Budget impacts housing affordability and financial planning through raised stamp duty on additional properties, higher capital gains tax rates, and the continuation of the mortgage guarantee scheme.

Increased funding for affordable housing and higher wages also aim to ease living costs and support economic stability. 

But here are a few key points focussing on mortgages, housing and financial advice.

Stamp Duty

The budget speech did not directly address First Time Buyer and Home Mover stamp duty but there was an implication.

The budget kept the upcoming changes for the 1 April 2025.

First time buyers currently have a threshold of £425,000 where they do not pay stamp duty, this is changing to £300,000.

Home movers currently have a threshold of £250,000 which will change to £125,000.