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