Good news for property market as 200,000 new homes to be built
In yet another move to drive the housing market forward, last week Chancellor Philip Hammond and Housing Secretary Sajid Javid announced the investment of £866 million for local housing projects. Zoe Watkins-Fellows, Residential Conveyancer, explains here what this means for property owners in the South, and across the UK.
The investment forms a part of the government target to build 300,000 new homes each year by 2020, and this project itself will provide support for 133 council-led projects across the country. “The funding is the first part of the wider Housing Infrastructure Fund, which is contributing £5 billion towards local projects such as new roads, cycle paths, schools, healthcare centres, bridges and flood defences,” explains Zoe. “These supporting projects are vital when it comes to keeping up with housing developments; new communities cannot be built without this vital infrastructure in place.”
Hampshire is due to see the benefit of this scheme with £10 million funding for a bypass in Botley, which should deliver 1,000 new homes to the people in the area.
Housing and the Budget
These plans were announced in the Chancellor’s most recent Budget, where he also abolished the payment of Stamp Duty for first time buyers. “One of the main focusses of the Budget last year was on the housing market; how to be able to provide affordable homes for more people across the UK, and how to help those who struggle most currently; the first time buyers,” continues Zoe. “This led to the abolishment of Stamp Duty for first time buyers, where the property is valued as up to £300,000.”
Zoe concludes, “We look forward to hearing more about the development of this fund in due course, as well as others such as the Forward Plan projects. It is encouraging to see that the government continues to put the housing market as a priority of its regime, and takes into consideration the needs of different demographics of the housing market. While there is more to be done to achieve equality for all, steps are being taken in the right direction to help us continue to see the recovery of the property market.
To find out more about the abolishment of Stamp Duty for first time buyers, you can read our press release from the time here. If you are looking to buy a property or sell your home, you can contact Zoe or the Conveyancing team by emailing firstname.lastname@example.org.
This is for information purposes only and is no substitute for, and should not be interpreted as, legal advice.