The inaugural Autumn Budget – which is replacing the usual Autumn Statement – is due to be published later today. There has been much speculation, rumour and prediction over the contents of the Budget, which is, rather crucially, the penultimate one before Brexit.
While we won’t know the outcome for sure until Wednesday, we’ve researched the property-related predictions that are currently doing the rounds.
Will stamp duty be cut?
Benefitting those making their first-time purchases, could Philip Hammond announce cuts to stamp duty on Wednesday? Currently, all homebuyers, including first-time buyers, pay a tax on property purchases over £125,000. There is speculation that cuts may take place, although there is no certainty on how much it will be cut to, whether it will be scrapped for first-time buyers altogether, and if there will be any restrictions.
Changes for tenants
With some changes in fees and deposits already announced, will Hammond make more announcements in this Budget to suit the rental market? Economists have also predicted new incentives for landlords, including tax perks for those offering longer-term tenancies.
Help to buy extended
After the Prime Minister announced another £10bn funding into the Help to Buy scheme in October, many are expecting Hammond to extend the programme.
Once the Budget is announced, we will keep you updated with the latest changes affecting the property market in our news section.
For more information, please contact the team.
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