Chancellor Phillip Hammond’s Budget announcement on stamp duty could prompt a new surge of activity in London’s housing market, according to Fairview New Homes.
The Enfield-based developer, which builds in London and the Home Counties, said the Chancellor’s decision to reduce the stamp duty burden for first-time buyers purchasing properties of up to £500,000 would be a gamechanger for those trying to get on the property ladder in the capital.
From today, first-time buyers purchasing a house worth up to £500,000 in London and other expensive areas will pay no stamp duty on the first £300,000, while first-time buyers purchasing a home worth up to £300,000 will pay no stamp duty at all.
In addition to the stamp duty announcement, Mr Hammond also pledged £44 billion in capital funding for housebuilding and a reform of planning laws in urban areas as the Government aims to build 300,000 homes a year by the mid-2020s.
Jeremy Gee, Main Board Director at Fairview New Homes, said: “Stamp duty can be a barrier to people entering the housing market, particularly first-time buyers, so this is an extremely significant intervention from the Chancellor which will make it more affordable for people to get on to the property ladder.
“As a developer which specialises in regenerating derelict brownfield sites in London and the surrounding areas, we are also encouraged by the Chancellor’s pledge to reform planning laws in urban areas to unlock key sites for development where demand is at its greatest.
“Ensuring we have the skilled workforce needed to achieve the Government’s ambition of building 300,000 homes a year by the middle of the next decade is a major challenge facing the industry, and one we are doing our bit to address through our apprenticeship schemes, so it is pleasing that the Government has promised further investment in this area.”