We use cookies to give you the best possible experience on our website.
Accept All Cookies
Find out more
Cookie Portal
Manage and find out more about the cookies used on this website.
View Cookie Settings
Read Cookie Policy

Accept All Cookies and Close
Close Without Saving
< Back
This website has 3 types of cookies:
Your preferences will not take affect until the next page loads or this page is reloaded.
Strictly Necessary Cookies
Feature Cookies
Performance Cookies
Save and Close
< Back
< Back
Cookie Policy
< Back
Any bedrooms
Any bedrooms
1 or more bedrooms
2 or more bedrooms
3 or more bedrooms
4 or more bedrooms
5 or more bedrooms
Branches selected
All properties
Toggle Filter
Stamp duty relief for first time buyers Image

30th October 2018
Stamp duty relief for first time buyers

Stamp duty relief for first time buyers extended by Chancellor Hammond

Stamp duty relief for first time buyers of full-priced houses and apartments is to be extended to first time buyers of shared ownership properties - but this was one of few housing measures in yesterday's Budget.

Addressing the Commons, Chancellor Phillip Hammond said first time buyer numbers were now at an 11-year high thanks to the stamp duty relief on mainstream homes announced last year - therefore he would extend this relief to first time buyers of shared ownership homes, applied retrospectively to late last year and applying to properties costing up to £500,000.

The Chancellor also confirmed previous announcements that the government was spending £44 billion on housebuilding and the stamp duty relief; there will also be a new strategic partnership for social housing with nine housing associations; there will also be a £1 billion boost in the form of Business Bank guarantees for small and medium sized housebuilders.

Although no reference to Help To Buy was made during the speech, a statement afterwards by the Home Builders Federation suggested that it would be extended to run until 2023 for first time buyers only. In addition - and again after the speech - it was revealed that the stamp duty surcharge for overseas buyers would be the subject of a consultation being launched in the New Year; the surcharge would be one per cent.

In his speech, Hammond told MPs that he wanted to ensure the private homes were kept out of the Capital Gains Tax regime; however, he did want to bring yet another rental activity into the tax net. So he announced that from April 2020 there will be limited tax relief on properties where the owner is in shared occupancy with the tenant - so for example, the current Rent A Room allowance and the increased letting of individual rooms through Airbnb and similar platforms. No further details were given during the speech.

Many small agency businesses may also be able to benefit from a two-year cut in business rates for the smallest shops - these will enjoy a one-third cut in rates.

There were relatively few other references to anything even loosely connected to the housing market in the Budget. But other measures included in the Chancellor’s speech included:

  • The creation of a digital services tax to be paid by companies with £500m or more in UK revenues, to be launched from April 2020
  • Rateable values of commercial properties to be adjusted in 2021 and smaller shops to enjoy a one-third cut in business rates for the next two years
  • Universal Credit to stay but with additional funding for implementation and different thresholds for recipients
  • More spending for NHS, particularly for mental health; more spending, too, for the MoD to boost (amongst other things) cyber capabilities; more spending for counter-terrorism police; funds to local councils for social care
  • One-off capital payments to schools for use within this financial year
  • The public-private Private Finance Initiatives abolished for future contracts

There will be another Budget next spring if there is what Hammond calls “a disorderly Brexit” - in the Autumn Budget last year he set aside £1.5 billion for Brexit preparation, and that has today been increased to £2 billion.

Leave a comment


Stamp duty relief for first time buyers Image

Top ten home moving statistics of 2019

Home move comparison site,, has revealed ten statistics that together tell the story of UK home movers during 2019, including when people moved, how far they went, the most popular destinations and of course, what it all cost.

Read article

January still best for a quick property sale

The latest research released by the HomeOwners Alliance has revealed that now remains the best time to list your property for a speedy sale, with homes listed in January selling the fastest than in any other month of the year.

Read article