As expected, this weekend’s financial press focused on the outcome of George Osborne’s latest Budget speech, and in particular the ongoing plight of the Buy-to-Let investor. The 3% Stamp Duty Surcharge will come into effect from April 1st, and will apply to buy-to-let or second property purchases. This, coupled with intended tax changes to be phased in from next year, could put a severe dent in profitability for investors, with the Telegraph reporting that many will be forced to either sell of properties or increase rents.
The launch of a new Lifetime Isa (or Lisa) was also widely discussed this weekend. The product, due for launch next April, allows the under-40’s to save £4,000 per year, with a 25% uplift from the Government if the savings pot is used to purchase a first home or fund retirement after the age of 60. Experts have welcomed the product, but warned that the fact it has a dual purpose could cause some confusion.
Elsewhere the Independent on Sunday took an interesting look at the housing market in 1986, and what it is likely to look like in another 30 years time. This also included predictions for how we might build our properties in the future – with some anticipating a more customised approach, and even more flexibility within the buildings themselves which could allow us to adapt to our changing families.
What the papers said about the Budget