Housing highlights uncovered - Autumn Budget 2017
The Proctors team were glued to the TV as Chancellor Philip Hammond delivered the Autumn Budget 2017 with plans to address the UK housing crisis. The biggest problems include shortage of housing and the lack of first-time buyers getting onto the property ladder. Both areas were covered in Hammond’s speech with the stand-out news being the abolishment of stamp duty for first-time buyers for properties under £300,000. In this blog we highlight the key budget promises made by the government.
Stamp Duty axed for first-time buyers
First-time buyers can breathe a sigh of relief as Hammond announces the removal of stamp duty for properties worth up to £300,000. For those living in London and other expensive areas, the first £300,000 of the cost of a £500,000 property will be exempt from stamp duty, with the remaining £200,000 incurring 5%. Hammond told BBC Breakfast “By abolishing stamp duty, which will save the average first-time buyer £1,700, that will be a help and an incentive to focus on getting the deposit together.”
The stamp duty axe will be brought in from immediate effect so if you are thinking of buying and have the finances to do so, it is certainly worth looking for your first home and making that move onto the property ladder.
New homes for the future
An ongoing message in Hammonds speech was the future, investing in the future and meeting future challenges. When it comes to building new homes, the government will be investing £44bn to meet a target of 300,000 new homes a year by the middle of the next decade. With delays and rejections in planning permissions, and the subsequent knock-on effect on new homes being built, Hammond announced that a review will be undertaken to address this. On top of this, councils have been given powers to charge a 100 percent council tax premium on empty properties to dissuade investors from allowing homes to sit empty, while many people struggle to find somewhere to live.
Susie Buff, Proctors New Homes Director comments “The announcement for new homes is good news and we hope to see this become a reality over the coming years. As for our local area, the promise of a new site in Beckenham providing 252 new homes, the last piece of land at the Glaxo Smith-Kline site, is now in the final planning stages. This site alone will make a substantial impact on the Mayoral target for London Borough of Bromley to supply 1424 new homes every year for the next 10 years.”
Are you a first-time buyer and want advice on getting onto the property ladder? Contact your local Proctors branch here.
If you are ready to buy, search through our property listings in the search function on our homepage, or if you fancy a home that is sparkling new take a look at our new homes page.