Experts issue warnings as Martin Lewis' call for change to property rules is ignored in Spring Budget

Property experts have issued a warning to homeowners after Jeremy Hunt set out his plans for the economy in the Spring Budget today (March 15). Appearing in the House of Commons, the chancellor made a series of key announcements that will affect millions of people across the UK.

One of the main announcements was that the energy price guarantee will no longer be raised to £3,000 from next month, and instead will remain capped at £2,500 until July. It was also revealed that there will be a £63 million fund to keep public pools and leisure centres afloat as well as a new investment which will allow up to 30 hours a week of free childcare to be extended to children over nine-month-old.

But amongst the key changes, property experts were disheartened to hear little to no mention of incentives and improvements to help the property market. It also comes after Martin Lewis has been urging for a change to be made to a property rule which affects many first-time buyers across the country.

READ MORE: Inside one of Manchester's most expensive rental homes which costs an eye-watering £15,000 a month

Those who are saving up to buy their first house using a Lifetime ISA can benefit from a free 25 percent bonus on top of what they save each tax year. But the Money Saving Expert founder has recently warned that one of the rules that it requires is 'outdated' as he asked Jeremy Hunt for help in changing it.

Martin recently tweeted: "Lifetime ISAs are no longer fit for purpose for some 1st time buyers & some risk losing money. Today we ask @Jeremy_Hunt to either -Stop withdrawal penalty for those buying homes that no longer qualify or increase value of qualifying house."

"It's time the outdated rules were updated. A £450,00 home