Monday 29 October 2018
Highlights from today's budget include:
An 11 year high on First Time Buyers entering the market, particularly since the abolition of Stamp Duty on homes up to £300,000. The Government has now built on this by introducing Stamp Duty exception on Shared Ownership homes up to the value of £500,000, which is of particular importance in London and reduces complications on when Shared Ownership buyers pay for their tax. This will also be retrospective for those who bought a home from Autumn 2017 Budget.
Chancellor Hammond has also pledged an additional £500million for the Housing Infrastructure Fund, which is trying to build 650,000 homes.
They are setting up a strategic alliance with 9 Housing Associations to drive through 13,000 homes, as well as supporting small and medium sized house builders.
Finally, Help to Buy will be extended until 2023, albeit terms of the incentive would change in 2021, with it being for first time buyers only.
Watch this space for further developments