In response to the Chancellor’s Spring Statement today, Nick Leeming, Chairman of Jackson-Stops, comments:

“As Conservative support hits its lowest level for more than 40 years according to Ipsos polling, and with property transaction volumes at an 11 year low, many of us were rightly hopeful of a clear priority plan on property from the Chancellor today. Yet with nothing to lose, and a statement of over an hour, it seems Hunt has gone for a rabbit in headlights approach on housing with major changes to property taxation avoided. For many voters ready to hit the polls in a matter of months, the decision to not address supply issues that have been slowing down homeownership for huge swathes of the country for a number of years, could be a defining moment for the current government. If the property market is looking for a small win to be taken from today, the cut to property capital gains tax from 28% to 24% should, to some extent, increase the number of transactions particularly within the prime market.”