Spring Statement 2018: stamp duty cut benefits 60,000 FTBs

Philip Hammond has announced that the plan to tackle the UK’s housing challenge is underway.

Delivering his Spring Statement earlier today, the Chancellor reminded the House of the plans revealed in the Autumn Budget last year. These included a five-year investment programme of around £44 billion to reach the target of 300,000 homes to be built annually.

In today’s statement, the Chancellor set out that these plans were on track, stating:

  • They are working with 44 areas on their bids into the £41.2 billion Housing Infrastructure Fund
  • Providing financial support for small housebuilders, the launch of the Housing Growth Partnership will be more than doubled to £220 million
  • A further £1.67 billion for London to start construction of 27,000 affordable homes by the end of 2021-22

Reflecting on the last year’s Autumn Budget announcement to relieve first time buyers of stamp duty on properties up to £300,000, the Chancellor stated that an estimated 60,000 first time buyers had benefitted so far.

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