Probably not and, in truth, the main thrust of the budget delivered on 8 July 2015 by the new Tory-majority government was aimed at tackling the deficit, although there were certain policies aimed at the property market, particularly the housing sector. The “Northern Powerhouse” also received further backing.

HOUSING

Overall, the stated aim was to "level the playing field between buy-to-let and buy-to-live".

Getting on the Ladder

Following the initial announcement in March 2015, further details were provided in respect of this initiative. From 1 December 2015 those saving a deposit on a first house could receive a bonus of up to £3,000 - the maximum available on a pot of £12,000 savings. This will apply to first time buyers who open a ‘Help to Buy:ISA’ account on or following 1 December 2015, with a £1000 deposit and thereafter monthly payments of up to £200.

Tightening tax reliefs for private Landlords

Finance costs

The government has acted on a warning from the Bank of England that the prevalence of buy-to-let properties is a threat to economic stability. Over a 4 year period from April 2017, tax reliefs available for private landlords of residential properties will be tightened.

Currently landlords are entitled to deduct costs (which includes interest payments on mortgages, thus putting them on a better footing than homeowners) from their profit. Tax is payable on the net amount only, which applies at 40% and 45% for wealthier landlords.   This will now be reduced to the basic rate of income tax for all landlords, irrespective of their income tax band.

Wear and Tear Allowance

From April 2016, residential landlords of furnished properties will lose the existing arbitrary 10% rental income allowance for wear and tear when calculating taxable profits.   The deduction will be adjusted to actual costs of replacing furniture.

THE NORTHERN POWERHOUSE

George Osborne’s budget also sought to underline the government’s commitment to establishing the much publicised “Northern Powerhouse”, a long term project to rebalance the UK economy through decentralisation, reducing the reliance on London and the South east.

Devolution

The government will devolve further powers to Greater Manchester. This will include the setting up of a Great Manchester Land Commission, as well as giving increased powers over planning policy and direction.

The government has also stated a commitment to work towards devolution deals for the Liverpool area, Leeds and Sheffield.

Transport

Transport plays a central role in government plans and a statutory body “Transport for the North” (TfN) will be established, with £30 million of extra funds being ploughed in over a 3 year period. A chief executive and chair will be appointed by the end of 2015. The functions of TfN will focus on critical improvements to the east-west transport infrastructure, with a possible option being a ‘Transpennine Tunnel’.

Symbolically Osborne attended a ceremony at Piccadilly station in Manchester to rename a train “the Northern Powerhouse”, signalling renewal and improvement of transport links. Anecdotally, according to a local newspaper in Osborne’s constituency, this has broken down 3 times in 4 months. Hopefully not a sign of things to come.