News from the Autumn Statement

30 November 2011

The Autumn Statement was announced yesterday, providing little surprise following the recent housing strategy.

George Osborne repeated the government’s plan to help up to 100,000 people buy homes with a 5% deposit in its mortgage indemnity scheme.

He also mentioned that the government will be injecting £400 million into stalled construction projects.

Social tenants will also be entitled to up to a 50% discount when looking to purchase their home in a reintroduction of the Right to Buy scheme. The profits made will be reinvested in affordable housing.

Stamp Duty relief for first time buyers will however come to an end in March 2012 as planned.  From then on first-time buyers will be required to pay Stamp Duty on any property over £125,000. The tax holiday was brought to an end due proving ineffective in helping first-time buyers to get on the property ladder.

Back to index