We welcome the removal of Stamp Duty for first-time buyers on homes of up to £300,000, as it’s a big incentive to enable people to buy their first homes. With the combined input of this, together with £10 billion more for help-to-buy and support for builders, a pledge has been made to boost the number of new homes to 300,000 per annum by the mid-2020s. A review of unused planning permissions and the drive to stop developers land banking will free up sites to more proactive developers.
Overall, the impact on property price growth will be modest, as the Government only starts to try to tackle the long-term housing shortage in England. We anticipate more starter homes being built within the region, enabling first-time buyers to step onto the ladder and drive the market upwards. The Chancellor was sending out a clear signal to support housebuilding, and give first-time buyers confidence, saying: our Government is here to support you financially.