However, with the UK on the edge of a recession, some people might use it as an opportunity to downsize and unlock capital that is tied up in their homes.
It is also important to remember that not everything is frozen. For example, the annual tax on enveloped dwellings charges that are levied on companies holding property – typically for wealthy overseas families to have a London pied-a-terre – will increase in line with inflation.
But there is some good news on the commercial property side.
While the VAT registration threshold is frozen, meaning more property businesses will move towards compulsory registration, the freezing of the business rates multiplier and targeted relief for small businesses will help to soften the blow for what would have been otherwise a very one-sided budget for property.
Tim Walford-Fitzgerald is a private client partner at HW Fisher
