After Jeremy Hunt declared that the Autumn Statement was to provide a balanced plan for stability and growth, we caught up with Alasdair Dunne, our Head of Residential and Rural Agency, to discuss his thoughts on the impact any of the latest changes will have on the housing market.
We have just seen a budgetary statement that attempts to address a shortfall between spending and taxation, but there are not any surprises for the property market - the Stamp Duty Land Tax (SDLT) changes announced in the infamous mini-budget remain for the time being.
The most important thing the Chancellor can deliver for the property market is relative stability in the financial markets - we have had a horrible demonstration of what can happen when the financial markets lose confidence in the Government and the bond market slides.
To achieve this stability, the financial markets need to know that our economy will be competently managed and the gap between taxation and spending addressed. As the Chancellor tries to make the best of a challenging situation, tax rises and spending cuts are going to create difficulties for many.
However, a clear demonstration of economic competence is critical if borrowing costs are to ease in the coming months and allow home movers to pursue their plans. It will be fascinating to see how the markets react.
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