Budget 2020 Headlines

Following this week’s announcements, we thought it would be prudent to look at some of the facts and figures released regarding the 2020 Budget Statement.

The headlines may have centered around the Chancellor of the Exchequers multi-billion-pound spending Budget and the significant investment for tackling the current coronavirus outbreak, but infrastructure and housing are also in focus.

The main points affecting the property market are:

–  A new stamp duty levy being introduced for non-UK purchasers, set at 2%. This is lower than expected and will not apply to purchases until April 2021.

– £12 billion investment in the Affordable Homes Programme with a multi-year settlement.

– £1.1 billion to support 70,000 new homes in high demand areas across the country.

Alongside these changes, the Housing secretary Robert Jenrick has set out proposed changes to the planning system including making it easier for developers to demolish vacant property and build homes above existing buildings and to further incentivise council planning departments to support the development of new homes.

You can view the budget statement Here

And find out more about the proposed planning changes Here

Whilst these changes are positive in some respects, it has been said that they do not go far enough to make sure the appropriate level of homes are built to meet demand but you can be sure we will be keeping you up to date on all the latest property news.

As always, if you need any advice about your property, the property market in general or mortgage advice, just get in touch with your local Hannells branch!

You can find us online Here.