Budget Announcements – Housing Key Points

Philip Hammond delivered his second budget as the Chancellor today, the key points for housing are as follows:

  • Stamp duty to be abolished immediately for first time buyers purchasing properties worth up to £300,000
  • For those in high cost areas, such as London, the first £300,000 of the cost of a £500,000 purchase by all first time buyers will be exempt from stamp duty with the remaining £200,000 incurring 5%
  • £44bn in overall Government support for housing to meet the target of building 300,000 new homes a year by the middle of the next decade
  • Councils given powers to charge 100% Council Tax premium on empty properties
  • Compulsory purchase of land banked by developers for financial reasons
  • £400m to regenerate housing estates
  • £1.1bn to unlock strategic sites for development
  • A review into delays in developments given planning permissions being taken forward
  • £28m for Kensington & Chelsea Council to provide counselling services and mental health support for the victims of the Grenfell fire and for regeneration of the surrounding area
  • New homelessness task force
  • Additional £2.7bn to the Housing Infrastructure Fund
  • Lift Housing Revenue Account Caps for councils in high demand areas
  • Introduction of measures to ensure planning departments permit ore developments for first time buyers
  • Investment into five new garden towns
  • New money into the Homes Builders Fund
Back