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The UK government aims to create surplus housing, by financing long-term projects at a lower rate. The main aim is to attract and enable first time buyers to secure an affordable home, as these buyers add fuel and stimulate the housing market. The majority of first-time buyers are under 40 years old and develop or move properties several times during their lifetime, contributing heavily to the economy.
The major outcome of the Budget is the scrapping of stamp duty for those purchasing a property under £300,000.
But what does this mean for you?
Up to 80% of first-time buyers will now pay no stamp duty at all, saving you up to £5,000. This saving enabled by the budget will encourage more to buy this year and in the foreseeable future. Also, those hoping and saving to buy a home will now have that extra money to top up their deposit, widening their choices of mortgage products and lowering their interest rates. First-time buyers are encouraged to act quickly in order to take advantage of the current market.
Although, the abolition of stamp duty may increase the demand for affordable housing, displaying the importance of developers ensuring property needs are met for the future.