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Housing is the main issue tackled in today's budget

22 November 2017

Housing is the main issue tackled in today's budget

As anticipated, Chancellor Philip Hammond today introduced a raft of key housing pledges that will impact both the sales and lettings sectors of the property industry.

“House prices are increasingly out of reach for many and it takes too long to save for a deposit and rent absorbs too much of people’s ability to save for a deposit,” he said during his speech.

The stand out announcement to tackle this issue is the removal of Stamp Duty obligations for the majority of first time buyers - for all properties under £300k. In more expensive areas of the UK such as London, the first £300,000 of a property’s sale value will be exempted from Stamp Duty, if priced less than £500,000.

£44bn in overall government support for housing was announed, in order to meet a target of building 300,000 new homes a year by the middle of the next decade.