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Autumn budget 2017 - what does it mean for the property market?

Philip Hammond has delivered his second Budget as chancellor. Here are the key points relating to the property market, and the impact they might have on the industry.

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- Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to

- To help those in London and other expensive areas, the first £300,000 of the cost of a £500,000
purchase by all first-time buyers will be exempt from stamp duty, with the remaining £200,000
incurring 5%.

- 95% of all first-time buyers will benefit, with 80% not paying stamp duty

- Reduction will apply immediately in England, Wales and Northern Ireland although the Welsh
government will have to decide whether to continue it when stamp duty is devolved in
April 2018

- It will not apply in Scotland unless Scottish government decides to follow suit

- £44bn in overall government support for housing to meet target of building 300,000 new
homes a year by the middle of the next decade

- Councils given powers to charge 100% council tax premium on empty properties

- Compulsory purchase of land banked by developers for financial reasons

- £400m to regenerate housing estates and £1.1bn to unlock strategic sites for development

- Review into delays in developments given planning permission being taken forward

Ian Westerling, Managing Director of Humberts, says; “The Chancellor is sensibly trying to secure the youth vote with housing measures aimed directly at them. The £300,000 cut off for stamp duty is a positive measure, one which should help to give our first time buyers a leg up on to the property ladder.

Choosing to build is as always welcomed, however building 300,000 new homes every year by the mid 2020’s seems optimistic. The onus is on the planners and the red tape behind the release of land – the proof will be in the pudding to ascertain whether the extra investment gets the developers building. The investment into transforming cities is positive as is the investment in the dynamic new growth corridor of Oxford, Cambridge and Milton Keynes – the regions are key to unlocking Britain’s growth. Philip Hammond’s budget didn’t tick all of the boxes but at least he has at least addressed stamp duty in some way shape or form – there is a long way to go before we see a major shift in property market momentum.”

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