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THURSDAY 23 NOVEMBER 2017

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UK chancellor pledges to build 300,000 new homes

Philip hammond © uk.businessinsider.com 

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The UK government chancellor Philip Hammond offers assistance to first time buyers and pledges to build 300,000 new homes by the mid-2020s
The UK government chancellor Philip Hammond has delivered his second Budget which includes attempts to make housing more affordable and increase housing supply. House building in the UK is rising again after years of decline and Mr Hammond says he wants to use urban land for new homes while protecting the Green Belt: "In particular, building high quality, high density homes in city centres and around transport hubs". The key points in the UK budget affecting stamp duty and housing in the UK are as follows: Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to £300,000 To help those in London and other expensive areas, the first £300,000 of the cost of a £500,000 purchase by all first-time buyers will be exempt from stamp duty 95% of all first-time buyers will benefit, with 80% not paying stamp duty Long-term goal to build

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