Helping You on to the Housing Ladder
In his Spending Review and Autumn Statement, the Chancellor announced, a number of measures aimed at helping buyers to own their own homes. These included:
-Government fund to enable 200,000 starter homes to be made available at a 20% discount for first time buyers; buyers must be under 40 and the discounted price must be less than £250,000 (£450,000 in London)
-Help to Buy Equity Loans available to buyers of new build homes will be available to 2021 and, in London, the upper limit for the loan will be increased from 20% to 40% of the purchase price.
-Help to Buy Shared Ownership will be extended by removing restrictions on eligibility
-Right to Buy will now be extended to Housing Association tenants
-The Government will raise money from a 3% Stamp Duty Land Tax surcharge for second home buyers and buy to let investors.
These further measures followed earlier steps announced in the Summer Budget including attempts to level the playing field for those buying their own homes and those buying to let – see “To buy … to let? No more?” – and also the introduction of the Help to Buy : ISA.
Spending Review and Autumn Statement
Help to Buy: new announcements