“The Chancellor yesterday gave a huge backing to both property buyers and developers alike, all be it with a slight caution that it may change depending on the outcome of Brexit.
The Right Honourable Philip Hammond announced that he will be raising the housing infrastructure fund by £500 million to a total of £5.5 billion resulting in the building of up to 650,000 new homes.
He also announced more investment of up to £1 billion to support small and medium sized housebuilders in further measures to address the housing crisis. Thus showing not only the support for small and medium business but also the governments acceptance that more has to be done to combat the crisis.
Mr Hammond then went on to announce an increase in the exemption of stamp duty for first time buyers from properties valued up to £300,000 to houses valued up to £500,000. Not only will prospective first time buyers benefit from this but any first time buyer since the last budget will also benefit.
Yesterday’s budget, as far as housing and development was concerned, appeared to have an extremely positive outlook on it. Whilst no real ground breaking policy was announced, people involve within the property market and industry, whether that be developers, buyers or lenders will be extremely pleased to see so much investment heading their way.”