Spring Budget 2018: The Key Points You Need To Know
First-time home buyers, we have some good news for you.
The Spring Statement, made on Tuesday 13th March, indicates that it will soon be easier for Brits to get on the housing ladder. Indeed, it is being reported that the Government will help up to one million Brits become first time home owners.
The ambitious £44 billion housing investment plan, to be spent over the next five years, was initially announced in last year’s Autumn Budget. It will build hundreds of thousands of extra new homes. A deal has been agreed with West Midlands to deliver 215,000 homes by 2030-31, Mr Hammond said. The Government is already aiming to build up to 300,000 new homes per year.
Since then, as outlined by Phillip Hammond in this week’s statement, progress has already been made on the housing front.
The Government is:
- Working with 44 areas on their bids into the £4.1 billion Housing Infrastructure Fund to help build the homes that the country needs
- Implementing the Housing Growth Partnership, which provides financial support for small housebuilders, will be more than doubled to £220 million
- Giving London £1.67 billion to start building a further 27,000 affordable homes by the end of 2021-22
- Focusing on first-time buyers by abolishing stamp duty for homes under £300,000. An estimated 60,000 FTBs have benefited so far.
The Government is also aiming to help households with the cost of living. In April, the National Living Wage will rise to £7.83, worth £600 extra a year for a full-time worker. The tax-free personal allowance (the amount you can earn before you start to pay tax) will also rise to £11,850 from April 2018. As such, as typical taxpayer will pay more than £1000 less income tax in 2018-19.
Emma Hall, GWlegal’s property expert comments:
“If all goes to plan with this project, there couldn’t be better time for first-time home buyers to jump onto the property ladder, particularly in London. If Stamp Duty remains abolished, with this project in action, FTBs should now be able to purchase property in very prime locations at a much lower cost, especially if you also factor in the Help To Buy Scheme and New Builds. This is exactly the boost the property market needs.
“I am delighted that the Government is taking real action to help young people get on the property sooner rather than later. As always, I would advise anyone purchasing a home to enlist the assistance of a specialist residential property solicitor, so things go as smoothly as possible.”
How GWlegal can help
We have launched our First Moments service for FTBs.
The service comes with a number of perks, including £100 off the legal and admin fee upon completion and a £25 voucher to be used at Ikea, B&Q or Amazon.
Clients also get a PDF guide answering common conveyancing questions, as well as ‘selfie cards’ encouraging them to take photos of specific first moments in the new home, such as the first takeaway and first bit of DIY, and share them on social media.
Both clients and introducers can keep up to date with the progression of their case at any time; clients can use the GWaccount, while introducers can make use of the case management system GWlive.
Content correct at time of publication.