Autumn Budget: Property announcements including stamp duty abolished for first-time buyers purchasing through shared-ownership
Chancellor Philip Hammond has just delivered his Autumn Budget, and after making headline-grabbing property changes at the same time last year, what noteworthy announcements were made this time around?
Just 12 months after announcing the cutting of Stamp Duty for many first-time buyers, here are the key announcements in this year’s Autumn Budget:
Stamp duty abolished for all first-time buyers on shared ownership properties up to £500,000
“I’ll extend this relief (abolishment of stamp-duty for first-time buyers up to £300,000) to all first-time buyers of shared-ownership properties valued up to £500,000 and I will make this relief retrospective so that any first-time buyer who has made such a purchase since the last budget will benefit.”
Spurring house-building growth
“A further £500m for the Housing Infrastructure Fund to unlock a further 650,000 homes. The next wave of strategic partnerships with nine housing associations which will deliver 13,000 homes across England, up to £1 billion of British Business Bank guarantees to support the revival of SME house builders.”
Making it easier to convert commercial property into residential homes
“We’re consulting on simplification of the process for conversion of commercial property into new homes and because we want to see parishes and neighbourhoods enabling more homes for sale to local people to buy at prices they can afford, we’re providing funding to empower up to 500 neighbourhoods to allocate or permission land for housing through the Neighbourhood Planning System for sale at a discount to local people in perpetuity.”
Rate-cuts for the high streets
“We will provide £675 million of co-funding to create a Future High Streets Fund to support councils to draw up formal plans for the transformation of their high streets, to invest in the improvements they need and to facilitate the development of underused retail and commercial areas into residential.
“The change which our high streets face is irreversible. Much retail business is struggling to cope for the high fixed-costs of business rates. At the next revaluation in 2021, rateable values will adjust to reflect changes in rental values.
“But for the next two years, for all retailers in England, with a rateable value of £51,000 or less, I will cut their business rates bill by one-third.
“That is an annual saving of up to £8k for up to 90% of all independent shops, pubs, restaurants and cafes.”