The 2017 Autumn Budget as it happens.......

Morning folks,


I hope you are well.

So we all await with baited breath the deliverance of this years Autumn Budget from Mr Hammond and there is no doubt he has had plenty to consider from representatives from the UK housing market. So what did he come up with?

Not a great deal is the answer but here are the highlights:

Stamp duty

From today, the government will abolish stamp duty for all first-time buyers for homes worth up to £300,000 in the UK, or £500,000 in London.

Housing

The Chancellor says that over the next five years the government will provide a £44bn capital investment to boost the housing market.

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He says that by the mid-2020s there should be 300,000 homes being built every year – the highest level since the 1970s.

Hammond also announced plans to allow councils to charge a 100pc premium on council tax on empty properties.

In Oxfordshire there is a commitment to building 100,000 new homes by 2021

Review of the housing market was very short and sweet but of particular note to first time buyers and with immediate effect. Good news indeed..... In theory!

I think we were all hoping to see a little bit more from the chancellor that helps first time buyers get on the ladder NOW. Commitment to building new properties is all well and good but this is very much tomorrow's vision. Key to short term solutions is enticing investors back into our market. The chancellor has chosen to ignore calls to provide private landlords with some type of tax break/ relief or to remove the 3% surcharge on 2nd homes which would encourage investors to buy new property and make them less likely to increase rents.

An opportunity missed I would say!