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.
Recent posts
Best UK Mortgage Rates this Week
2 days ago
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
The UK mortgage market is seeing lenders withdraw deals and hike mortgage rates amid the escalation of conflict in Iran. This isn’t great news for borrowers, with the average rate for a two-year fixed deal sitting above 5%.
Statistics now show that those looking to purchase a property would have to save a deposit bigger than their annual gross pay.
Analysis from the Office for Budget Responsibility (OBR) shows that those looking to buy their first home could face a sharp increase if house prices follow the latest predictions, as Coventry Building Society suggests.
According to Zoopla, four in 10 homes are now cheaper to buy with a mortgage than to rent due to lower-cost mortgages - a sign that ownership is becoming more affordable.
World Sleep Day Tips
14 days ago
There are many people who struggle with getting a good night’s sleep. Having poor sleep hygiene can be the reason for bad sleep quality in adults. Sleep hygiene refers to habits that can help you sleep better.
Here we have shared some tips to create a healthier sleep.
What you need to know about remortgaging
16 days ago
If your current fixed rate is due to come to an end within the next six months, you will want to start thinking about the options available to you.
Nationwide is the first lender to allow mortgage deeds to be signed electronically and without the need for a witness.
More information
Trusted by
