Now that everyone has had a chance to digest the details of the budget, one of the best results for developers in the budget was the announcement of zero Stamp Duty (SDLT) for first time buyers upto a purchase value of £300k, £5000 SDLT upto a purchase value of £400k, £10,000 SDLT upto a purchase value of £500k and then normal Stamp Duty calculation above that value.
But is this enough? What about second, third and forth buyers?
This is a remarkable gift from the chancellor for us developers looking to sell to first time buyers below the £500k purchase price. This will undoubtedly stimulate growth for another undetermined period of time and give developers some certainty of exit from new projects about to start and those currently in build.
How long will this bit of stimulus help the housing industry... who knows, but what is certain is sustained growth and sales will continue for the next year or so until our over due correction.
Other budget highlights included;
* £44B promised to boost housing. Plans to build 300k new homes a year by 2020. (Sounds familiar)
* Rise in National living wage, which can only be a good thing for people.
* Personal tax allowances increased.
* Good old Wine, beer and spirit duty frozen.. at least thats a nice Christmas Prezzy from the Chancellor.
* VAT threshold is to remain at £85k.
* Plane fair duty to remain the same.
(Hammonds 2017 November Budget seems to be very light touch this year)???