A Welcome Respite for Landlords in the Autumn Budget
Can you believe it? We’ve had a Budget and landlords have come out relatively unscathed! Indeed, for the housing market it was a pretty positive statement all round.
Chancellor Philip Hammond announced a further £500 million will be made available to the Housing Infrastructure Fund – great news for the development sector and would-be home owners.
Furthermore, first-time buyers purchasing shared ownership properties were given a boost with the chancellor scrapping Stamp Duty on all properties up to £500,000. The tax cut will be paid retrospectively to anyone who has bought a shared ownership home since the last Budget.
And, of course, those buyers looking to buy via Help to Buy who may have been wondering about the future of the scheme were finally given some details. The initiative will be extended to 2023 for first-time buyers.
There was one announcement surrounding Capital Gains Tax letting relief – which will now be limited to properties in which occupancy is shared between the owner and the tenant – but on the whole it was a pretty quiet one for landlords and a pretty positive one for the sector.
Phew, we can all now breathe a collective sigh of relief.