The Budget and its effect on Housing – A Brief Overview
October 30, 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.