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More help for homebuyers in Chancellor’s Autumn Statement – but Stamp Duty increase for second homes (26 November 2015)

Date: 26/11/2015
Duncan Lewis, Legal News Solicitors, More help for homebuyers in Chancellor’s Autumn Statement – but Stamp Duty increase for second homes

The government has announced a number of measures to help people into home ownership under the Chancellor’s Autumn Statement and Spending Review, announced on Wednesday (25/1/15).

Current restrictions on London Help to Buy and who can buy a home through shared ownership will be removed from April 2016.

Help to Buy Shared Ownership will lift the limits so that anyone who has a household income of less than £80,000 outside London and £90,000 inside London can buy a home through shared ownership. Only military personnel will be given be priority over other groups.

The scheme will apply across England – and people will be able to buy between 25% and 75% of a home.
For those living in London, the government will lend 40% the price of a home from 2016 – and first-time buyers will be able to get a 20% discount on 200,000 new Starter Homes, with £2.3 billion being invested in building Starter Homes over the next five years.
Right to Buy will now be extended to housing association tenants during 2016, giving 1.3 million households the chance to become homeowners. Some housing associations will be piloting the scheme in the next few months, says the government.
Money raised from Stamp Duty on second homes will be used to help first-time buyers afford a home – from 1 April 2016, people purchasing additional properties such as buy-to-let properties and second homes will pay an extra 3% in stamp duty.
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For expert legal advice on all housing matters, call Duncan Lewis housing solicitors on 020 7923 4020.

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