THE WEST SUSSEX PROPERTY BLOG // THE 2018 BUDGET AND HOW IT LOOKS FOR THE PROPERTY INDUSTRY...
The 2018 Budget and how it looks for the Property Industry...
Posted 31 October 2018 by Peter Hossack
Philip Hammond has delivered his third Budget as Chancellor and during this 72 minute speech, he gave details on what could affect the housing market directly. Some positive points for you to look at below, but if you are considering buying or selling your property, please do come in and talk to one of our experienced team, with local knowledge of the market in your area.
All first-time buyers purchasing shared equity homes of up to £500,000 to be exempt from stamp duty
£500m for the Housing Infrastructure Fund, designed to enable a further 650,000 homes to be built
Lettings relief limited to properties where the owner is in shared occupancy with the tenant
New partnerships with housing associations in England to deliver 13,000 homes
Guarantees of up to £1bn for smaller house-builders
Some other Budget announcements that can also have a positive affect on the way people think about their own income and expenditure, which will obviously have an impact on property amongst other things.
The personal allowance threshold, the rate at which people start paying income tax at 20%, to rise from £11,850 to £12,500 in April - a year earlier than planned
The higher rate income tax threshold, the point at which people start paying tax at 40%, to rise from £46,350 to £50,000 in April
National Living Wage increasing by 4.9%, from £7.83 to £8.21 an hour, from April 2019.
Fuel duty to be frozen for ninth year in a row
Beer, cider and spirits duties to be frozen
Work allowances for universal credit to be increased by £1.7bn
2.4 million working families with children to benefit by £630 a year
Business rates bill for firms with a rateable value of £51,000 or less to be cut by third over two years
The Chancellor said 'the era of austerity is finally coming to an end' so maybe now is the time to start considering a property move...