Autumn Budget: The Roundup
Last Thursday we saw the release of the Autumn budget and let’s just say that for the housing market and potential home-buyers, Christmas may have come early.
But what are the main points to take away?
- Stamp duty scrapped for first time buyers up to £300,000. In other words, if your property is below this value, you will not be expected to pay stamp duty. We also saw the stamp duty reduced on properties over this price. If you are unsure of whether stamp duty applied to you, you can use the Governments Stamp Duty Calculator by clicking here. It’s important to note, however, that only first-time buyers will qualify for this exemption and if you are a joint purchaser, both parties must be first-time buyers to qualify.
- Buy-to-ley landlords were left disheartened. With recent changes to tax breaks and hikes in cost for buy-to-let landlords, to surprise of many, no mention was made of the matter during the Chancellor’s speech, meaning that 3% stamp duty surcharge still remains on the purchase of additional homes, introduced in April last year.
- Promises for longer-term rentals. With concerns of quick turnover of rentals, the government announced that it would initiate a consultation to ‘break down barriers’ around longer tenancies within the private rented sector, in order to provide tenants with longer-term security.
- Funding for house building with big promises. In industry news, the lack of houses for sale has been consistent throughout the year but this Autumn’s budget brought an announcement from the Chancellor to build 300,000 new homes a year until mid 2020s, making this the biggest annual increase since 1970.
Want the full summary of the Autumn Budget? You can read it over on gov.uk now.
If you are looking to sell your home or purchase your next home, then here at Peter Lane, we can help you. For further information, visit our homepage to find your local office now.