Last week, the Chancellor presented the Autumn Budget 2017 to Parliament – but what does this mean for the property industry?
From 22 November 2017, stamp duty land tax (abbreviated to SDLT) has been abolished for first-time buyers purchasing homes up to a value of £300,000. In addition to this, those first-time buyers purchasing properties up to £500,000 will not pay SDLT on the first £300,000, but will pay the usual rate on anything above this figure. This is great news for those looking to take their first step on the property ladder.
The government has also indicated that there will be an increase in financial support for building new homes over the next five years – with a target of 300,000 new properties built a year.
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