The chancellor Phillip Hammond headlines the November Budget Statement with the reform of Stamp Duty for First Time Buyers (FTB's).
As of today, on purchases up to £300,000 first time buyers will have NO stamp duty to pay. FTB's looking to buy in London, there will be no stamp duty on the first £300,000 of their purchase.
In theory, the removal of the Stamp Duty burden from FTB's should have a very positive impact right across the country. The Labour Party has already backed the initiative. The stamp duty saving on a full £300,000 will be some £5,000 to a FTB.
As promised housing was at the forefront of the budget statement in a number of other areas also:
- An added £44 billion capital funding, loans and guarantees for new homes - up to 300,000 a year by mid-2020s;
- Building of new homes to be focused on city centre location and around transport hubs;
- 5 new garden towns are to be developed by way of public/private partnerships;
- An urgent review to look at the gap between planning permissions and housing starts, with a report to be published in Spring 2018.
- Assistance for the development of new homes on smaller plots;
- Longer term tenancies in the private rental sector with (yet another) consultation on the objective; and
- Local authorities to obtain the power to charge 100 per cent council tax premium on empty properties.
Tony Wing DipSurv MRICS FNAEA
Tel: 01522 538888