The UK’s chancellor, Rachel Reeves, will deliver the Labour government’s autumn budget at the end of the month, we take a look at what could be announced in relation to housing.
Stamp Duty
The stamp duty rates announced in the mini-budget in September 2022 were to remain until 31st March 2025. Labour confirmed prior to the election that if it formed the next government the first time buyer stamp duty exemption threshold would go back to £300,000 – this was raised to £425,000 from September 2022.
Reeves has said that in the upcoming budget, there may be other changes to stamp duty.
Freedom to Buy
Labour’s housing policy is the Freedom to Buy scheme. They have pledged to help 80,000 people get onto the property ladder over the next five years by permanently extending the mortgage guarantee scheme, which is due to expire in June 2025.
Council Tax Adjustments
There have been suggestions that Labour could introduce a flat-rate council tax system based on the value of the property instead of the current banding system currently in place. This could mean more expensive bills for more expensive properties, but may benefit lower value homes.
The Autumn budget will take place on Wednesday 30th October.
10 days ago
Recent research from Halifax has revealed the most sought-after locations for first time buyers in Britain.
The data which was taken from the Halifax House Price Index looked at areas outside of London where those looking to purchase their first property were buying. Despite high property prices and increased rates, these first time buyer hotspots have remained popular.
11 days ago
Taking care of your mental health means looking after your emotional, psychological, and social wellbeing. There are several ways we can practice self-care that will help to improve our physical and mental health. This can help to reduce our risk of illness, manage stress, and boost our energy levels!
14 days ago
Buying your first home is very exciting but it can also be very daunting which is why we have set out a “to do list” to help you get started.
28 days ago
With UK inflation remaining at 2.2% which is slightly above the Bank of England’s 2% target, the decision was made on Thursday 19th September to keep the base rate at 5%.
Virgin Money and Hive Energy introduce new "green" mortgage product called Retrofit Boost Mortgage with the aim to help homeowners improve the energy efficiency of their home by offering cashback between £3,000 and £15,000
According to recent findings by LV= where 4,000 UK adults were surveyed, mortgage holders said that were likely to consider equity release to free up some money to take care of expenditures in later life.
9 Aug 2024
Following the recent decision by the Bank of England’s Monetary Policy Committee to cut the base rate from 5.25% to 5% (the first reduction seen in over four years), we have seen lots of lenders reducing their rates to remain competitive.
7 Aug 2024