What today's budget means for first-time buyers and renters
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Loading... - Pamela Anderson
- 16 Mar 2023
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There wasn't much mentioned of house-building targets or help for first-time buyers in today's budget
Chancellor Jeremy Hunt has announce today's Spring Budget, but what does it mean for first-time buyers and people renting?
Unfortunately, this budget didn't have much in it focused on the property sector or help for people trying to buy homes. After the disastrous mini-budget in September 2022 sent the housing market into disarray, people hoping to take their first step onto the housing ladder were looking to today's budget announcement for any steps the government were taking to lend a hand.
Many were hoping to see changes to stamp duty tax, which under the current rules first-time buyers are exempt from paying if the home they purchase costs less than £425,000. They were also hoping to see policies aimed at helping renters who are currently facing sky-high costs amid worsening conditions.
The budget is essentially the government's financial plan, and includes policies on how your tax money will be spent across different sectors like defence, education, and energy.
Today's budget announcement has been nicknamed the 'Back to Work' budget, as the policies are centred around getting as many people into work as possible. However, this focus on the jobs sector has meant issues like help for first-time buyers and housebuilding targets have been neglected by the government.
First-time buyers
Nigel Purves, co-founder and CEO of Wayhome, said: "The nation’s first-time buyers are currently tackling the highest cost of homeownership on record and it’s bitterly disappointing to see the government turn their back on them yet again. Having afforded them some brief stamp duty respite during the pandemic, they clearly feel their job is done and have now left them out in the cold to fend for themselves.
"While we certainly weren't expecting another stamp duty reprieve, nor do we believe these intermittent discounted buying costs are the answer, a commitment to at least building more homes would have been a start. We were also hoping to see amendments to stamp duty laws to bring parity for all homebuying schemes.
"This would allow those who utilise additional methods, such as Gradual Homeownership, to be afforded the first-time buyer rate of stamp duty tax when they do come to purchase their home, rather than the rate applied to an existing homebuyer.” Read More…
