November 2018 Property Market Review

by | Nov 21, 2018 | Market updates

Our monthly property market review is intended to provide background to recent developments in property markets as well as to give an indication of how some key issues could impact in the future.

We are not responsible or authorised to provide advice on investment decisions concerning property, only for the provision of mortgage advice. We hope you will find this review to be of interest.

THE CHANCELLOR HANDS OUT A LIFELINE TO THE HIGH STREET

In this year’s Autumn Budget, Philip Hammond spoke about how high streets are a crucial part of our communities and local economies. He will put together a dedicated task force to address the pressure that high street retailers are experiencing as more people embrace online shopping, to the detriment of the high street. In his own words, high streets have come under pressure “as never before”.

To support transformation of the high street, the Chancellor confirmed £900m of business rates relief for small retailers as well as a £675m fund for projects such as improving high street transport links and refurbishment of historic local buildings.

The Government will also trial a register of vacant retail properties to help prospective retailers find empty properties and help local stakeholders tackle fragmented ownership on their high street.

THE BRITISH PROPERTY FEDERATION REFLECTS ON THE BUDGET

It is rare to see the introduction of a new tax relief, but commercial property owners have been given a valuable one, coming into effect on the day of the Autumn Budget.

If you enter into a contract on, or after, 29 October 2018, to construct a new commercial building, or to improve an existing one, which is for use in your business or for rental purposes, you can now obtain tax relief for 100% of the build cost, under the new ‘Structures and Buildings Allowance’.

Chief Executive of The British Property Federation (BPF), Melanie Leech said: “A new tax relief for commercial property owners is a real surprise. This move brings the UK more closely in line with the many other countries that already provide tax relief for the cost of building commercial property, making the UK more attractive to invest in. It makes investing in new and refurbished buildings cheaper from a tax perspective and is a welcome move.”

Download the PDF to read the rest of the Property Market Review.

It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.

If any article in this blog has an effect on your finances and you would like professional advice, then please get in touch.

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