Budget 2018 - First Time Buyers

Posted: Oct 30, 2018


The Chancellor has announced some interesting measures for the housing market. Here’s a round-up of what you need to know:
• Shared ownership homes – For First time Buyers, purchasing a shared ownership home (and there are more than 200,000 in the UK) of up to £500,000, will not have to pay stamp duty land tax AND this will be backdated for anyone who bought such a property over the last year.
• Help to Buy Scheme (by which the Government lends money to 1st time buyers) will be extended by 2 years to 2023.
• More money is being ploughed into High Streets and part may be used to transform unused shops or commercial buildings into housing and the related planning process is to be looked at with a view to simplifying it.
• The building of more houses is to be encouraged by promising an extra £500,000,000 into the Housing Infrastructure Fund to help local authorities build homes and deals struck with 9 Housing Associations. Further work is being done and money provided to enable land to be allocated for discounted homes for local people and the cap that limits Council’s borrowing to build housing is to be scrapped.

If you need any advice on purchasing a property, particularly in light of these changes, please contact our Property Department on 01562 822295 or 01299 822033