The Spring Budget property announcements affecting homeowners and buyers - including Capital Gains Tax change

Jeremy Hunt announced he would be making some key changes to the property sector during his Spring Budget on Wednesday (March 6). The Chancellor delivered his upcoming plans in the House of Commons with various cuts made to taxes and spending.

Making his statement to MPs at 12:30pm, Mr Hunt announced a number of policies set to help stimulate the long term growth of the country. He began by stating that the latest figures show that inflation is now at 4 percent, and that The Office for Budget Responsibility forecasts it will fall below the 2 percent target within a few months.

Amongst the Chancellor's announcements it was revealed there will be a further 2p National Insurance cut for employees, from 10 percent to 8% percent from April 6, with self-employed National Insurance being slashed from 8 percent to 6 percent.

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In the property sector, Mr Hunt announced he will scrap tax breaks for second homeowners who let out their properties to tourists. This is part of a £300 million tax raid on the rental sector, and will abolish a series of 'tax perks' for landlords who rent out their homes to short-term holidaymakers rather than long-term tenants.

The Chancellor's plan will attempt to help tackle the housing shortage in coastal areas and holiday hotspots such as Cornwall and the Lake District, and will hopefully in turn improve the availability of long-term rentals.

Announcing the plans, Mr Hunt said: "To make the tax system work better for local communities, I'm going to abolish the furnished holiday letting (FHL) regime."

Currently, many second homeowners and landlords who use the furnished holiday letting