Jeremy Hunt appointed new Chancellor. Mini Budget due today
Reeves and Rose • 17 October 2022
New mini budget expected today - here's the industry reaction....
With the new chancellor, Jeremy Hunt expected to deliver a refreshed mini budget later today, we look at some of the industry reaction to his new appointment and what this could mean for the changing UK property market.
Jeremy Hunt, who was appointed to replace Kwasi Kwarteng last friday is set to announce changes to the medium term fiscal plan which he believes will better support fiscal sustainibility. tory mps are hopeful his wealth of experience will assist in his task to address the government's economic crisis and as well as his statement today, he will also address the house of commons later this afternoon. my hunt has met with the bank of england and the head of debt management office to brief them on his plans for economic stability and growth and a full medium-term fiscal plan will be published on the 31st october. As an experienced politician, jeremy hunt could be seen as a calming force on the volatile markets which would be welcome news for homeowners who are experiencing increasing mortgage rates and market instability.
According to the property industry eye, jeremy hunt is being encouraged to work closely with the property industry to help address and tackle the current issues and turmoil affecting the housing market. Timothy Douglas, head of policy and campaigns, said: “The ex-Chancellor, Kwarteng’s introduction of the recent review to Stamp Duty was welcomed and will help to bring people’s budgets in line with rising house prices.
“It is disappointing however to see a U-turn on keeping corporation tax low announced today which will mean that next year’s rises will see agencies and company landlords tighten their belts whilst facing other growing costs.”
Savills director of research, lawrence bowles said : “Already we have seen long-term gilt yields fall on the back of rumours that the government will be backing down on some of Kwarteng’s unfunded tax cuts – and confirmation, as well as news of his dismissal as Chancellor, should help to push yields down further, allowing the Bank of England to slow its pace of monetary tightening and easing pressure on mortgage costs. And with more breathing room, lenders should feel the confidence to put more products back out to the market.
“As a result, we believe that some of the existing downward pressure on house prices and transactions will be tempered. That said, the market will still need to adjust to the current higher interest rate environment, though perhaps not at such an amplified level.”
It is to be seen this afternoon what the new chancellor will do to steady the waters of the property market.
dartmoor remains one of southern england's greatest wildernesses. born and raised on the edge of this incredible place, i have a deep connection with dartmoor and its magical appeal to property buyers from across the country. For those who enjoy the natural beauty and outdoor pursuits, dartmoor offers a range of opportunities, lifestyles and design for all. the National PArk itself is the beating heart of Devon, offering stunning views, wild weather and endless landscapes. From high tors to deep wooded valleys, ancient woodland and abandoned quarries, the landscape is enchanting, attracting millions of visitors each year. For adventurers and walkers, you could spend a lifetime exploring this place. Invariably, when discussing a property search with a client considering a relocation from outside of Devon to Dartmoor, many of the requirements we discuss include the pursuit of peace, tranquility, a change of pace or an escape from city life. Dartmoor can offer all of that and so much more. Whilst certainly the central and northern areas of dartmoor National Park can be considered more rural and wild, appealing to those who truly wish to escape, it is often surprising to some, that the fringes of Dartmoor can offer a more balanced, less extreme taste of the wilderness. With easy commuting and transport links to economically active cities such as Exeter and Plymouth and the ability to maintain a healthy work/life balance these areas can offer the best of both worlds. let's look deeper into some of the challenges and misconceptions about living within this region. Transport In general, transport links across Dartmoor can be tricky. Buses tend to run along the edges of DArtmoor along the A30 and A38 to Plymouth and Exeter as well as a number which run along the A382 and A386. That being said, a car is absolutely essential in this region. The weather can be notoriously unpredictable, particularly in the high moorland towns and villages, so a practical car is advisable and certain precautions when travelling or exploring are advisable. Transport links to the fringes of Dartmoor are a little more reliable and accessible if long commutes are not for you. the north and eastern edges of Dartmoor come to within 7 miles of Exeter, making areas such as the Teign Valley an ever popular choice for those seeking the "best of both worlds," striking a wonderful balance between accessibility and wilderness. To the other side of the moor, another popular choice is the town of Tavistock. Just a short drive from Plymouth, this wonderfully eclectic town offers an array of shopping, schooling and eateries. to the centre of Dartmoor is the fabulous town of Chagford and its neighbour, Moretonhampstead. A favourite among celebrities and those seeking art and culture, this highly sought after area offers a charming array of independent shops, restaurants, local produce and art galleries. Its wide-reaching appeal, independent soul, scarcity of property and stunning architecture keeps prices high. good to know.... Schooling: There are an excellent range of good and outstanding primary and secondary options in the region including primaries at South Tawton (South Zeal), Chagford CofE, Moretonhampstead, Cheriton Bishop, Dunsford, Christow, Doddiscombsleigh, Hennock , Bovey Tracey, Ilsington, Chudleigh Knighton, Widecombe-in-the-Moor and Blackpool among others. secondaries can be found at Teign School, Coombeshead Academy, Newton Abbot College, West Exe School, Okehampton College and South Dartmoor among others. for private schooling, there are a number of very popular choices in the region with many offering school transport to the main areas across Dartmoor. These include Exeter School, The Maynard School, Exeter Cathedral School, Stover School, Mount Kelly and Blundells. Where to eat: There is a huge choice across the Park from local farm shops and cafes such as the popular Ullacombe Farm near Bovey Tracey and cosy pubs such as The Old Inn at Drewsteignton, The Nobody Inn at Doddiscombsleigh or The Manor at Lower Ashton to fine dining at Gidleigh PArk near Chagford and Hotel Endsleigh near Tavistock. Where to buy: In terms of pricing, the market across the region remains strong with scarcity of property contributing to this. Chagford and its immediate neighbours tends to command the highest prices with buyers appreciating its range of amenities, culture, location and architecture. Areas with easy access to the A30 and A38 also see strong demand with the north east and south western fringes remaining in strong demand. For help and advice on the best regions of Dartmoor for your requirements, chat to one of our finders who can provide in depth advice on budget constraints, property, location and amenities. Contact Liz on 07823 881592 or info@reevesandrose.com