The Budget And The Housing Market

Posted on: 6 November 2018

 THE BUDGET AND THE HOUSING MARKET

While fixing the broken housing market was by no means the central theme of the Chancellor's last Budget pre-Brexit, it still included several initiatives designed to increase house building and support first-time buyers. First-time buyers will benefit from a two-year extension to the Help to Buy equity loan scheme. Originally due to end in April 2021 the scheme has been extended until the end of March 2023. In addition SDLT relief for first-time buyers has been extended to those purchasing a shared-ownership property up to £500,000 and will be applied retrospectively to purchases since November 2017. In terms of house building an additional £500m has been allocated to the Housing Investment Fund to enable a further 650,000 new homes to be built, while the housing revenue cap for Councils has been removed. Small house builders will be encouraged through a guarantee scheme while an official response to the Letwin review will be published in the new year.

Share:


Recent Articles

22 January 2019

The Nation's Most Active Markets

The impacts of Brexit, stamp duty reform and mortgage regulation have all created a low transactional environment in the housing market, which both buyers and sellers have had to adjust to in recent years. During the second half of 2018* the average rate of turnover (sales as a proportion of...

22 January 2019

A Nation Of Twitchers

This weekend (26th to 28th January) is the 'RSPB’s Big Garden Watch', an event which encourages the public to take part in an annual survey of birds to monitor specifies that are thriving or in decline. Our love of the nation’s birds has inspired both street and home names across...

18 January 2019

How Your Phone Can Help You Have The Best Year Yet

2019 is upon us and we are well into a new digital age. Technology is everywhere and this week’s blog is going to offer up some suggestions on how you can harness its powers and let it help you to have the best year yet. You see lots of things these days about over usage of mobile phones,...

semi circle instant online valuation

Get an instant online valuation

Find out how much your property is worth