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31st October 2018

Budget 2018

Chancellor of the Exchequer Philip Hammond has delivered his final Budget before the UK leaves the European Union in March 2019 – but what was in it for the property market?

Our director, Mark Ross, shares his thoughts: “In what was a relatively lite budget when it came to housing, here are my key takeaways on the 2018 Budget.

“Stamp Duty relief is to be extended to first-time buyers of shared ownership properties – when someone buys between 25% and 75% of a home and then rents the rest of it – as well as ‘full priced’ properties.

“This relief has been extended retrospectively to anyone who has purchased a home up to £500,000 since the last budget.

“Phillip Hammond said the government would now be spending up to £44 billion on housebuilding and the stamp duty relief policy.

“He added there will also be a new strategic partnership for social housing with nine housing associations; this will be a £1 billion boost in the form of Business Bank guarantees for small and medium sized housebuilders.

“There was no direct reference to Help To Buy made during the speech. However, it has been reported latterly by the Home Builders Federation that there were suggestions it would be extended until 2023, but for first-time buyers only.

“After the speech, it was reported that the additional stamp duty tax for overseas purchasers would be discussed in consultation in the New Year, with the extra charge expected to be a further 1%.

“During the budget speech, the Chancellor explained that he did want to bring yet another rental activity into the tax net and he wanted to assure private homes were not subject to Capital Gains Tax.

“This Budget had been billed very much as a stop-gap between now and Brexit Day on March 29, so not a huge deal to report but still with some interesting announcements.”