Have you seen the details of the Budget 2018? Well, if you are a person who takes a deep interest in the financial matters, then you must have done it.
However, for those who are not very keen to know about it but are planning to buy a property next year must read it thoroughly. Several new things have been mentioned in the budget.
For example, first-time buyers will be facilitated further, and there has been an announcement for homes on the High Street.
According to the property market experts waving off the stamp duty of shared ownership properties for first-time buyers is a good measure.
The effort of the government is to fix the housing market to boost the living standards and productivity of the UK market.
Because of the temporary shortage of housing due to the drop in the number of people applying for a mortgage, measures have been taken to correct the situation.
New excitement for first-time buyers of shared accommodation!
In the previous budget, the waiver of the stamp duty was limited to the first-time buyers buying a home worth up to 300,000 GBP.
It was a successful move, and thousands of people got benefited by it. In fact, the number of first-time buyers saw a peak after a decade.
By looking at the overwhelming response, the government announced the abolishment of the stamp duty for the first-time buyers of shared ownership properties also.
For example, when a person owns up to 25 to 75 percent of accommodation and gives the remaining part on rent.
The waiver is applicable for shared properties worth up to 500,000 GBP. The more exciting news is that the provision is backdated to the last year’s budget declaration date.
It means people who bought such properties during the last financial year will also get it. Indeed, it is overwhelming news.
Market experts praise the provision and term it as the move towards recognizing the benefits of shared ownership.
It is essential that the trumpet of the new provision should be blown loudly. It will boost the awareness of the scheme.
Extension to the Help to Buy scheme
The budget also announced an extension of two years to the “Help to Buy” scheme which was supposed to close in April 2021. Now it will continue till April 2023.
It is indeed an encouraging step to revive the sinking property market in the UK. The earlier few years have been troublesome as far as the property market is concerned.
However, it seems that these steps will correct the situation.
Focus on building more homes on High Streets
A special fund has been allocated to help councils in transforming the main retail zones.
A certain percentage of it will be used for converting unused High Street shops or commercial buildings into residential buildings. The process will be simplified further.
According to the estimates, at least 400,000+ homes can be created if the unused space above shops on High Streets will be used fully. It is a mind-boggling figure.
Hope the new reforms will take the real-estate sector at new heights.