Sharratts

Affordable Housing Law

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The Budget and its effect on Housing – A Brief Overview

30th October 2018

Phillip Hammond has now released the 2018 budget, we have provided a brief overview of the key points relevant to the provision of Housing below:-

  • From today in England the government is lifting the cap on the amount of money local authorities are able to borrow to build housing.

  • The Chancellor of the Exchequer has confirmed a further £650m of grant funding will be made available for English Authorities for 2019-20.

  • SDLT relief has been increased to benefit First Time buyers of Shared Ownership properties up to £500,000.00 in value. This relief is retrospective and will also apply to buyers who have purchased Shared Ownership properties since last year’s budget.

  • Phillip Hammond has also promised a further £500m for the Housing Infrastructure Fund which will help deliver 650,000 homes.

  • The next wave of strategic partnerships with 9 Housing Associations will deliver 13,000 homes across England.

  • The Government has promised up to £1bn of British Business Bank guarantees to support the revival of small and medium Housebuilders;

  • Phillip Hammond has confirmed the Government is consulting on simplification of the process for conversion of commercial property into new homes.

  • Finally, the Government is providing funding to allow up to 500 neighborhoods to allocate or permission land for housing through the neighborhood planning system for sale at a discount to local people.

For the Budget in full please follow the link:

https://www.gov.uk/government/speeches/budget-2018-philip-hammonds-speech