The managing partner at a Northumberland-based chartered land and estate agents has welcomed last week’s Budget, highlighting changes to inheritance tax and more activity in the property market.
Robyn Peat, managing partner at George F White, said: “Like many business leaders in the north, I have welcomed the Conservatives’ first Budget in almost 20 years. The inheritance tax system, meaning that a couple can hand a £1million estate onto their children without being taxed for the privilege, will only lead to positives changes in the property market and for families across the region.
“As a business, we have a dedicated land and farms team who can assist in the sale or purchase of farms, estates and agricultural land. It is common for farms and estates to be worth substantially over the previous threshold value and therefore there is the potential for very large tax bills on death.
“As a managing partner, I understand the issues farming families have faced when circumstances like this has occurred. The Budget can only be welcomed by farmers and landowners within the region who will be able to downsize their property without fear of their children missing out on the inheritance tax break promised by the Conservatives.
“Finally, the Chancellor has also stated that employment is at an all-time high and with interest rates being at a record low, meaning mortgages are currently much more affordable than rent, this creates an ideal climate for buyer confidence and movement within the market. We welcome those who are in a position to buy or upgrade their property to view our residential and commercial portfolio.
“The effect of the 2015 Budget will result in more activity in the property market. This is especially important if you are looking to move or buy. From reviewing George Osborne’s budget, I’d recommend taking advantage of this brief period of normalisation in a market and affordable mortgage rates are readily available.”