Chancellor Philip Hammond delivered his Autumn Statement to the House of Commons on the 23rd of November. From extending the Help-to-Buy scheme to abolishing the Stamp Duty tax, here are the key points relevant to landlords, tenants and the property industry as a whole:
Stamp Duty changes for first-time buyers
First-time buyers in England, Northern Ireland and Wales spending up to £300,000 on a property will no longer pay the tax. Those paying up to £500,000 in areas such as London will only be charged on the part of their purchase over £300,000.
Hammond explained: “House prices are increasingly out of reach for many. It takes too long to save for a deposit and rents absorb too high a portion of monthly income. So the number of 25 to 34-year-olds owning their own home has dropped from 59% to just 38% over the last 13 years.”