The Budget and The Housing Market

News at Newton Fallowell | 21/11/2018



 

  • While fixing the broken housing market was by no means the central theme of the Chancellor's last Budget pre-Brexit, it still included several initiatives designed to increase house building and support first-time buyers.
  • First-time buyers will benefit from a two-year extension to the Help to Buy equity loan scheme. Originally due to end in April 2021 the scheme has been extended until the end of March 2023.
  • In addition SDLT relief for first-time buyers has been extended to those purchasing a shared-ownership property up to £500,000 and will be applied retrospectively to purchases since November 2017.
  • In terms of house building an additional £500m has been allocated to the Housing Investment Fund to enable a further 650,000 new homes to be built, while the housing revenue cap for Councils has been removed. Small house builders will be encouraged through a guarantee scheme while an official response to the Letwin review will be published in the new year.