Chancellor Philip Hammond has delivered his first spring statement to parliament, with good news for first-time buyers. Mr Hammond laid out ambitious plans to build more homes in the UK, to continue tackling the housing challenges facing the country.
Investing in homes
The statement included building on the investment programme of at least £44bn over the next five years, originally announced in the Autumn Budget 2017. The chancellor has said they are continuing to develop more plans to raise the supply of homes to the target of 300,000 a year by the mid- 2020s.
Stamp Duty reminder
The Chancellor was also eager to remind borrowers that the government has abolished stamp duty tax for first-time buyers of homes under £300,000, with all first-time buyers of properties up to £500,000 benefitting from the change. The government estimates that as many as 60,000 first-time buyers have been helped so far since they introduced the alteration in the autumn 2017 Statement.
Supporting young borrowers
This cut in stamp duty, combined with low interest rates and a strong year for Help to Buy, has resulted in more first-time buyers climbing onto the property ladder in January 2018 than in the first month of any year since 2007. A total of nearly 25,000 bought their first home in the first month of the year, up by 7% on the same time in 2017.
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