As the economy continues to move precariously towards recovery (and an election on the horizon) there was never likely to be any major changes of policy on fundamental issues.
There were, however, several announcements which will undoubtedly affect the business decisions of commercial property owners in the coming months and years.
Stamp duty
The most prominent of Osbourne’s budget announcements to affect the property market was the repositioning of the government's stance on stamp duty. Under the new rules put forward by Osborne, the increased 15 per cent stamp duty rate will come into effect on all commercially-bought properties with a value of £500,000 or more.
The new system is aimed at tackling overseas investors – particularly those in the Far East, the Middle East, and Russia – who have been buying up London properties in recent years to capitalise on the booming housing market of the city whilst interest rates are low on savings.
However, there will undoubtedly be many British-based property owners who will also now find themselves subject to these higher rates. And for others, the increased stamp duty may be enough to deter them from completing any future acquisitions.
Stimulating growth outside of London
The chancellor's budget wasn’t all doom and gloom for the commercial property industry, however.
While the stamp duty changes will be a tremendous burden on investors, the impact will be felt primarily in London, where it is increasingly difficult to find properties of any specification below the £500,000 mark.
Though this may cause problems for investors in the capital, it could help stimulate growth outside of the capital, as investors seek to avoid stamp duty in London.
Business investment
There were other breaks for commercial property owners, too. Not least the reductions to the taxes put on business investment.
The annual investment allowance – which was raised to £250,000 in 2012 – was doubled, meaning that, from today, the first £500,000 of eligible business investment will be tax-free.
This will give industry the opportunity to modernise, and – more significantly to the property market – it provides commercial owners with a dual incentive to invest in improvements to an existing portfolio.
With the government keen to keep the capital's property market under control, and bring investment and development to the regions, the increase to the annual investment allowance is likely to have a positive impact on commercial property markets that is at least equal to the downward pressure likely to be felt by the tougher stamp duty levies.
Are you happy with the budget, or will you be crippled by the stamp duty changes? Tell us on Twitter or LinkedIn!