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The Autumn Statement & The Housing Market

In the Chancellors Autumn statement last month one of his headline policies involved the removal ...

In the Chancellors Autumn statement last month one of his headline policies involved the removal of stamp duty for first time buyers purchasing properties up to £300,000. This is a drastic increase from the previous level of £125,000. The government claims this will be beneficial to 95% of first time buyers, saving them thousands of pounds when getting onto the housing ladder. 

Also included in the Statement were a number of other policies affecting the housing market including;

  • A pledge of £44bn to go towards building 300,000 new homes per year through to mid-2020s.
  • Councils given power to levy a 100% council tax increase on empty properties.
  • £125m pledged over the course of the next two years to aid 140,000 people with rental costs.
  • £28m to go towards new housing schemes in Manchester, Liverpool and the West Midlands, aiming to halve homelessness after 5 years, and eliminate it after 10.
  • Private home building to see £8bn of financial support.
  • £2.7bn fund for housing infrastructure.
  • £1.1bn to go towards urban regeneration on strategic sites, and £400m to go towards housing estates.
  • Review into the ways in which obtaining planning permission could be sped up.

(Reference: https://www.moneyexpert.com/budget/autumn-budget-2017-key-points-changes/)

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