23 Nov 2017
Budget comment: Jonathan Stephens, Surrenden Invest "So Hammond's housing plan has been announced and overall there are a number of positive takeaways.
Firstly the abolition of stamp duty for first time buyers on properties up to £300,000 is of course good news as this will enable those looking to get onto the ladder a long-overdue helping hand.
Interesting we, an investment agency, have been selling an increasing number of properties in the UK's major cities to first time buyers over the last 3 - 4 months and in light of this new ruling on stamp duty, expect to do so even more in the coming months and years.
For our other clients, the buy-to-let investors, the worry that a stamp duty gift to first time buyers would be at their expense has not materialised which will of course be a great relief.
Secondly, and maybe the most important announcement of the day, has been the pledge of £44bn of capital funding to boost the housing market including a new SME housebuilding fund.
Investment and support from the government to encourage and enable (through access to cheaper finance) developers of all sizes to build can only be positive and this, coupled with the tightening of laws around planning permissions and the ability to hold land without development, will hopefully result in the levels of housebuilding required to be delivered.
With this is mind, I look forward to the findings and suggested actions of the newly commissioned report next year."
_ends
For further comment from Jonathan Stephens, Founder and MD, Surrenden Invest please contact Charlotte Ashton on Tel: 00 44 845 054 7524 or via email at charlotte@abpropertymarketing.co.uk