What does the latest budget mean for the property industry?

What does the latest budget mean for the property industry? This week's blog takes a look at what changes we can expect.

The latest budget has brought some good news for all first-time buyers purchasing shared equity homes of up to £500,000. They are going to be exempt from stamp duty and it could be backdated to those who have purchased since the last budget. You can find out more information about shared equity homes here: CLICK HERE

In addition to the changes to first time buyers stamp duty, an additional £500m will be made available for the Housing Infrastructure Fund. This fund was designed to enable a further 650,000 homes to be built. There are also new partnerships in the works with housing associations in England that will help to deliver 13,000 homes and guarantees of up to £1bn for smaller house-builders.

There is some news concerning landlords. Landlords face another tax hit with Philip Hammond announcing that he would reform lettings relief so that it only applies in circumstances where the owner of the property is in shared occupancy with the tenant.

You can find a full summary of the budget by following this link: CLICK HERE