Philip Hammond delivered the first Autumn Budget with the intention to make the "dream of home ownership a reality for all generations" which is positive, as he has acted on industry concerns.
The Chancellor saved the best for last when he announced his intention to immediately abolish SDLT on first time buyer residential property purchases below £500,000, up to the level of £300,000. The result is an SDLT saving of £5,000 on first time buyer purchases of properties up to £500,000, which will go a fair way to assisting buyers with the ancillary costs of getting onto the property ladder and incentivise people to keep moving up the property ladder.
A positive outlook
We welcome this news and believe that it will benefit the local property market as we’ve seen on many occasions Stamp Duty hindering first time buyers’ efforts to pull together a deposit and purchase a home of their own. These people are now motivated to move with extra money in their pockets.
Housing was the hot topic of Mr Hammond’s speech and he also announced a raft of plans including:
- Concentrating new homes in city centres and around transport hubs.
- Five new garden towns developed by public and private partnerships.
- Commissioning an urgent review to be ready by next Spring to look at the gap between planning permissions and the number of homes built.
- An extra £44 billion capital funding, towards guarantees and loans for extra homes.
- More help to develop new homes on smaller plots to help small and medium sized property developers.
- A consultation looking at longer tenancies in the private rental sector.
- A stated aim to see the end of rough sleeping in the UK by 2027, with three new pilot schemes muted.
- Giving powers to local authorities to charge 100 per council tax on empty properties.
Overall the Budget looks to be a sensible plan to ease the property market challenges in the medium to long term. Some will no doubt remain sceptical, but this is certainly a step in the right direction for many.
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If you’re considering buying your first home, talk to our friendly, award winning Mortgage Advisors at The Mortgage and Insurance Bureau who were voted the ‘Best Mortgage Broker in London’ at this year’s ESTAS and learn more about the deals available that could help you take your first steps onto the property ladder.
With over 25 years’ experience in the local property market, we are committed to helping you move. If you are thinking of selling or considering renting your property, or if you are simply seeking some advice, we would love to help. Contact the team at your local branch or pop along and speak to one of our property experts in person and discover a refreshingly different approach to marketing your home.
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