Stamp duty scrapped for first time buyers
Last month, the Chancellor, Philip Hammond, announced his Autumn Budget, which revealed a number of significant housing initiatives that should bring a lot of confidence for both first time buyers and developers, particularly the smaller ones.
The Chancellor has promised a staggering £44billion to support our housing market - boosting the supply of skilled labour, resources and land, creating financial incentives, building more homes and helping first time buyers save for their first home. Understanding the housing challenge requires money as well as a planning reform, his initiatives include:
* The removal of stamp duty for first time buyers on purchases up to £300,000 with immediate effect. This will also apply to the first £300,000 value on properties worth up to £500,000 in major cities where property prices are more expensive.
* An urgent review into why there is a substantial gap between existing planning permissions granted and the volume of homes being built.
* Building 300,000 new homes a year by the mid-2020s.
* £2.7 billion to more than double the Housing Infrastructure Fund.
* A £1.1 billion fund to unlock new settlements and urban regeneration schemes.
* A lifting of HRA caps for councils to build more.
* More money for the home buildings fund to get SMEs building again.
* 100% council tax premium on properties lying empty.
* And a £34million investment to develop construction skills across the country in order to build these homes.
This news is a major boost for our housing market, and although everything won’t improve overnight, I think this is one of the best announcements we have seen from the Government in some time.
Here are some properties that lcoal first time buyers could purchase under the new stamp duty rules...