28 Nov The Budget
Posted at 09:37h in Business, Nova Bond, Property update 0 Comments
Stamp duty and housing
Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to £300,000.
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.
£28m for Kensington and Chelsea council to provide counselling services and mental health support for victims of the Grenfell fire and for regeneration of surrounding area
New homelessness task force.
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