What does the Autumn Budget mean for house prices?
As soon as the budget is introduced, most people are quick to question how it may affect them, with one of the main areas of concern being house prices. The housing crisis is, of course, something that most of us are affected by, and with Theresa May hinting at plans to build more houses more quickly, what will the new budget mean for house prices in the UK?
Stamp duty could be set to change
As ever, the government is under increasing pressure to help young voters and one of the main areas of focus is stamp duty. Abolishing stamp duty would mean that first-time buyers would be able to climb the property ladder more easily as it would help combat extortionately high house prices, so this is good news if you are thinking of taking a leap and putting down a deposit on your first home.
Abolishing or changing stamp duty could save first-time buyers between £3000 and £5000. The rethink of stamp duty will, however not be such good news for landlords, who could be hit by an increase in stamp duty for buy-to-let properties.
Green belt and planning rules may change
In terms of the budget for housebuilders, one of the key areas that is always in question is planning rules. Historically government is renowned for hogging land, but it seems that this time around, housebuilders could be set to get what they want. The Chancellor of the Exchequer is currently considering changing parts of the green belt rules, which would be an easy move to make as it would cost him nothing.
Borrowing rules for councils
At present, local councils are not allowed to borrow money to build homes, but 21 London Boroughs have recently followed up calls for local councils to be allowed to invest in new housing. If the government plays its part by investing the appropriate capital, resources, and freedom, it could mean much affordable housing would be readily available for people residing in London. This is good news given how expensive property is in the capital.
More money invested into the Help to Buy Scheme
The Help to Buy scheme is a great resource for first-time buyers and things could be about to get even better. The Prime Minister has stated that there are plans to invest another £10 billion into the scheme, making it available to an additional 135,000 people.
However, if you have already found yourself in difficult circumstances due to issues such as property debt, or owe a large amount which is putting your assets at risk, it is worth taking a no obligation, impartial, free consultation here at Bell & Company. Call us today – 02895217373