Stamp duty is to be abolished for all first time buyers of shared ownership properties valued up to £500,000 applied retrospectively, Chancellor Philip Hammond has said today.
Delivering his Budget, Hammond said first time buyers are at an 11-year high and has announced a further £500m for the housing infrastructure fund, to unlock 650,000 new homes.
The tax-free personal allowance is rising to £12,500 in April 2019, and the higher rate threshold for income tax is rising to £50,000 in April 2019. A total of one million fewer people will pay the higher rate than in 2015/16.
On the issue of Universal Credit, Hammond said he is increasing all existing universal credit work allowances by £1,000 a year.
Furthermore, from April, the Chancellor said the National Living Wage will rise again, by 4.9%, from £7.83 to £8.21, handing a full-time worker a further £690 annual pay increase and taking his or her total pay-rise, since the introduction to over £2,750 a year.
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The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.
Intergenerational lending
MoneyAge News Editor, Michael Griffiths, hosts Family Building Society BDMs, Amar Mashru and Arif Kara, to discuss intergenerational lending and explore ways that buyers can use family income to help increase their borrowing capacity when applying for a mortgage
Helping landlords make their cash work harder
MoneyAge Editor, Adam Cadle, talks to Family Building Society BDMs, Arif Kara and Nathan Waller, about the resilient BTL market, the wide variety of landlords that Family Building Society caters for, and how niche products like an Offset mortgage can help improve cashflow.
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