Navigation Hybrid Estate Agent in Leatherhead Hybrid Estate Agent in Leatherhead
  • E | info@kingsofsurrey.com
  • T | 01372 940595
  • Home
  • Sales
  • Rentals
  • Serviced Accomodation
  • Property Management
  • Blog
  • Testimonials
  • Contact

WHAT DOES THE BUDGET MEAN FOR FTBS, HOMEOWNERS AND PROPERTY PROFESSIONALS?

Posted in Uncategorized on November 2, 2018 by karen Leave a Comment

Philip Hammond used this week’s Budget to announce spending spree in what he called “a budget for Britain’s future” – and one which heralds the end of austerity.

Improved deficit and upgraded growth forecasts allowed the Chancellor to loosen the purse strings, releasing more than £100billion to cut taxes and increase spending.

Here, Daniel Owen-Parr, head of professional sector and auction at specialist lender Together looks at what Monday’s Budget mean for first-time buyers, home owners – and professionals working in the property industry.

First Time Buyers

The abolition of stamp duty for first time buyers purchasing homes worth up to £300,000 was one of the highlights of last year’s autumn budget. Since then, it has helped 121,500 people, the Chancellor announced in this year’s speech, with the number of people buying their first homes at its highest level for over 11 years.

This will now be extended to first time buyers of shared ownership properties worth up to £500,000.

And the tax cut will be backdated to anyone who has bought a shared ownership home since last year’s budget. At Together, we’ll consider shared ownership mortgages for ex-council houses, flats and maisonettes, high rise properties – including those above six floors – properties with poor valuations, and those of non-standard construction.

Home Owners

There were two new changes to the main residence relief for people selling their homes. The 18-month exemption from paying capital gains tax has been shortened to nine months, meaning there will be a shorter period for people who are moving house and not being subject to capital gains tax.

Mr Hammond also earmarked an extra £500million for the Housing Infrastructure Fund, to help local councils to build homes as a way of easing the housing crisis. The extra money could build 650,000 extra homes, the Chancellor said.

The Chancellor held off targeting the private rental sector again. Pre-budget, there had been rumours that there could be a capital gains tax cut for landlords looking to sell to their tenants, with the saving split between the buyer and seller. However, this didn’t materialise on Monday, but the Government will launch a consultation into further changes at some point in the future.

About Author

karen

Leave Your thought on this post Cancel reply

Your email address will not be published. Required fields are marked *

Property Search

Location

X

Bedrooms

Property Type

Price Order

Price Order

Tenant fees & T&C's (PDF)
Landlord fees & T&C's (PDF)
How to rent guide (PDF)
Register with us
Request a valuation

Kings Of Surrey

When meeting clients, we like the surroundings to be comfortable and as aesthetically pleasing as possible, and have based ourselves in the elegant surroundings of Fetcham Park House.

Find us on

Useful links

  • Buyers terms
  • Terms of Business
  • Privacy Policy
  • Contact Us
  • Client Money Protection Insurance

Contact info

 Fetcham Park House, Lower Road Fetcham, Leatherhead, Surrey, KT22 9HD
 01372 940595
 info@kingsofsurrey.com

All Rights Reserved. Powered by Wordpress | Website by Enhanced Marketing Group
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.I AgreeMore Info