My Property Box

Ben Quaintrell, the founder and managing director of estate agency group My Property Box, which has offices in Darlington and Newcastle, said: “The reduction on Capital Gains tax from 28% to 24% will benefit those seeking to upsize, generating some increased market activity. However, it may also encourage some landlords to sell up, shrinking the private rental sector at a time when demand is outstripping supply.

“The Chancellor also announced the scrapping of tax relief on furnished holiday lets which may deter investors operating in this sector, while potentially increasing the number of homes available for long-term lets in areas where property is traditionally in short supply.

“The Spring Budget has missed an opportunity to stabilise the housing market and improve homebuyers’ prospects by avoiding long-awaited measures including stamp duty reform, a proposed 99% mortgage scheme, together with a concerted effort to prioritise the expansion of the nation’s housing stock.

“However, I am heartened by predictions that the interest rate is set to fall below 2% within months and the economy is expected to grow by 0.8% this year and 1.9% next year - creating a more stable and positive environment for business.”