30 Oct 2024
2024 Autumn Budget: Housing
On 30th October 2024 the Chancellor, Rachel Reeves delivered the Autumn budget which we had previously been warned would be “difficult”. Below we have summarised the main housing points.
House Building
The chancellor advised that the government will invest more than £5bn to deliver their housing plan. She confirmed that they will increase their Affordable Homes Programme to £3.1bn, provide £3bn worth of support and promises to increase the number of homes and support small housebuilders. The right to buy discount will also be reduced and local authorities will be able to retain more money from sales.
Stamp Duty
The chancellor has confirmed that first time buyers will continue being exempt from paying stamp duty on properties up to £425,000, this is set to be reduced to £300,000 from the 1st April 2025.
Targeting landlords and those with second properties, the chancellor revealed that second-home buyers will have to pay an additional 2% stamp duty from the 31st of October 2024.
Cladding
The government will give £1bn to fast-track the removal of dangerous cladding on homes following the Grenfell Tower incident.
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The chancellor will deliver her second budget this autumn. Due to slow economic growth and high inflation, the government need to manage a £40 billion shortfall in public finances. There have already been reports about changes to taxes including income tax and capital gains tax.
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