This Tuesday saw Chancellor Philip Hammond deliver his speech in the House of Commons, outlining the government budget for 2019, and as the dust settles on the policies, we have taken a look at how the budget will affect the housing industry.
One of the talking points from the budget was the extension to the Help-To-Buy scheme. Since its introduction in 2013, the government backed Help-To-Buy scheme has helped over 150,000 people become homeowners. The scheme, which is offered to prospective buyers by Harron Homes, has been extended to 2023, with the aim of continuing to help people receive the financial support required to get on the property ladder.
Over 80% of those utilising the Help-To-Buy scheme since its introduction have been first-time buyers, and in keeping with assisting that particular demographic, the Chancellor has announced a cut to stamp duty for first-time buyers of shared-ownership homes worth up to £500,000. The measure is retrospective, so anyone who bought a house since the last Budget will benefit.
What was evident from the speech is that Mr. Hammond supports the role that housing organisations are having as they work alongside the government to ensure that purchasing a property can be an affordable and achievable target. At Harron Homes, we offer a wide selection of purchasing assistance, making buyers’ life as easy as possible. To find out more, visit: https://www.harronhomes.com/purchasing-assistance/