Letting agent: Budget will be received well
News Category: Industry News
Published: 25-Jun-2010
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A letting agent has stated that the Budget will receive a good reaction from those in the industry.
Claire Higgins, head of commercial research at Knight Frank, explained that businesses in particular will be pleased by chancellor George Osborne's speech on Tuesday (June 22nd 2010).
However, she said it is possible the measures contained in the Budget will have a negative effect on the housing industry.
Ms Higgins questioned whether the chancellor's decision to increase VAT to 20 per cent will force the Bank of England's Monetary Policy Committee to increase interest rates next month.
"This in turn would have serious repercussions for residential and commercial mortgages, bank lending and consumer spending," she said.
Jonathan Manns of the planning department at the letting agent added that Mr Osborne's regional growth fund could stimulate new developments outside of London.
Commenting on the Budget, letting agent body Arla's operations manager Ian Potter claimed the chancellor had not considered the needs of the UK's landlords.
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