November Budget Statement offers reform of Stamp Duty for First Time Buyers (FTB’s)

The chancellor Phillip Hammond headlines the November Budget Statement with the reform of Stamp Duty for First Time Buyers (FTB's).

As of today, on purchases up to £300,000 first time buyers will have NO stamp duty to pay. FTB's looking to buy in London, there will be no stamp duty on the first £300,000 of their purchase.

In theory, the removal of the Stamp Duty burden from FTB's should have a very positive impact right across the country.  The Labour Party has already backed the initiative. The stamp duty saving on a full £300,000 will be some £5,000 to a FTB.

As promised housing was at the forefront of the budget statement in a number of other areas also:

• An added £44 billion capital funding, loans and guarantees for new homes - up to 300,000 a year by mid-2020s;
   
• Building of new homes to be focused on city centre location and around transport hubs;
   
• 5 new garden towns are to be developed by way of public/private partnerships;
   
• An urgent review to look at the gap between planning permissions and housing starts, with a report to be published in Spring 2018.
   
• Assistance for the development of new homes on smaller plots;
   
• Longer term  tenancies in the private rental sector with (yet another) consultation on the objective; and
   
• Local authorities to obtain the power to charge 100 per cent council tax premium on empty properties.

Tony Wing DipSurv MRICS FNAEA
Sales Director

Lincoln Office
Tel: 01522 538888
Email: tonywing@robert-bell.org

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