Longer Tenancies

The Government will consult on the barriers to landlords offering longer, more secure tenancies to those tenants who want them.

Help to Buy

£10 billion has been confirmed for the Help to Buy scheme, which helps first time buyers to purchase a home with a 5% deposit.  The scheme, which is already up and running, aims to use the additional funds to help a further 135,000 buyers.

On another note it was good to see that the NHS has also been allocated additional funds albeit significantly less than is needed but at least it is £1.6bn which is a foot on the ladder.

mazingly, the Chancellor’s Budget this Autumn held one or two nuggets of optimism for the housing market which are encouraging, although time will tell whether the theory of the fiscal changes will fulfill the thinking behind those changes and bolster the aspirations of many potential purchasers into reality.  These include:

Abolition of Stamp Duty for first time buyers

Stamp Duty has been abolished for first time buyers purchasing property under £300,000 and for first time buyers buying property for under £500,000 they will only pay 5% on the sum over £300,000.  Purchases above £500,000 will pay the normal rate of stamp duty.

Increased Tax on Empty Homes

To encourage owners of empty homes to bring their properties back into use, the Government has given local authorities the go ahead to increase the Council Tax premium on empty homes to 100%.

November 2017