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UK Budget, London, United Kingdom

Thursday 23 Nov 2017

UK chancellor pledges to build 300,000 new homes

UK Budget by WAN Editorial in London, United Kingdom
Philip hammond © 
UK Budget by WAN Editorial in London, United Kingdom
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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 300,000 homes a year by the mid-2020s
  • £44bn in government support, including capital funding and loan guarantees, to boost housebuilding
  • 100% council tax premium to be levied on empty properties
  • Compulsory purchase of land banked by developers for financial reasons
  • Review into delays in developments given planning permission being taken forward
  • £28m for Kensington and Chelsea council to provide counselling services and mental health support for victims of the Grenfell fire and for regeneration of surrounding area
  • New homelessness task force

Nick Myall

News editor

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