There have already been numerous developments and changes in the property market this year. As first time buyers take favour with newly introduced government policies, the 2017 budget is set to positively affect those looking to buy their first home.
The abolition of Stamp Duty on properties under £300,000 will allow many to save costs and get more for your money.
Have you been saving for a property? Then great news, you now have more money to put towards your deposit and the chance to get a better deal on your mortgage.
The Government have pledged to build 300,000 new homes 2025, in the areas people want to live. Set in popular areas, the new homes will be built with access to major transport routes and city living. However, as the Government failed to meet their last targets, new properties may be hard to come by and increasingly expensive in certain areas. The abolition of Stamp Duty has no expiry date, so if you are looking to buy a property, this year may secure you the best value for your money.
In addition, the Help to Buy scheme has been extended, with the Government pledging an extra £10 billion to extend the scheme until 2021. So if you are a first time buyer, the housing market is a prosperous place to be. Changes to business rates will also save business owners an estimated £210 million over the next two years, with the changes designed to help small businesses. Business rates will be reduced from 3..6% to 2.7% as a result of switching from RPI to the CPI index.
It is difficult to predict whether the Government will live up to these pledges, nevertheless buying a property in 2018 does appear to be a great investment, with the budget changes in favour of home buyers.