Chancellor presents the autumn budget to Parliament
On November 22nd 2017, the Chancellor Phillip Hammond presented his autumn budget to parliament which had a lot of positives for the housing industry.
There was a lot of eagerness and anticipation for the release of the autumn budget, especially in the housing industry as there is so much at stake.
The Chancellor has plans to use ‘headroom’ in the public finances to target spending on housing and health.
Mr Hammond revealed that he is going to commit a total of at least £44 billion of capital funding, loans and guarantees over the next five years to support the housing market to boost the skills, resources and land needed to support the promise to deliver 300,000 additional homes a year on average by the mid-2020’s.
An amount such as this has not been achieved since 1970.
Abolishing stamp duty for first-time buyers
Other big news in the housing industry in the revelation of the autumn budget announcement, is the promise to abolish stamp duty land tax on homes under £300,000 for first-time buyers from the 22ndNov 2017.
So, 95% of first-time home buyers who pay stamp duty will benefit.
First-time buyers of homes worth between £300,000 and £500,000 will not pay stamp duty on the first £300,000. They will pay normal rates of stamp duty on the price above that. This will save £1,660 on average first-time buyer property.
80% of people buying their first home will benefit from these plans.
Will this get the markets moving?