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BUDGET 2017: WHAT DOES IT MEAN FOR THE HOUSING MARKET?

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Published: 23/11/2017   Last Updated: 23/11/2017 17:28:22   Author: Michelle Roberts    Tags: Budget2017, Housing Market, Stamp Duty, First Time Buyers, Hazelwoods, Sutton Coldfield, Estate Agen

BUDGET 2017: WHAT DOES IT MEAN FOR THE HOUSING MARKET?

As I’m sure you will all be aware, yesterday saw the Chancellor Phillip Hammond announce the 2017 Budget. This will impact us all in one way or another… Well, let us tell you a little bit more about the news that will affect the housing market and you!

Stamp duty is SCRAPPED for first-time buyers
Stamp duty has been abolished immediately for first-time buyers purchasing properties worth up to £300,000. – YES! This means an average saving of £1,660 for first time buyers – What great news for all you first time buyers in Sutton Coldfield and our local area!  

For properties costing up to £500,000, no stamp duty will be paid on the first £300,000. As a result, this change means 95% of first-time buyers who pay stamp duty will benefit and 80% of all first-time buyers will not pay stamp duty at all. (Woohooo!)
 
This is a MASSIVE saving! Just imagine what you could spend that precious money on now! – A sofa, a shed, a dishwasher or a brand new bed!!!

Carrying on with the facts…

Cracking down on empty properties
The government will also bring in new laws to give local authorities the power to charge a 100% council tax premium on empty properties, which is a huge increase from the current 50% tax cap. The Chancellor recognises there are so many empty properties and so many people desperate for a place to live.

Thousands of new homes are on the way
The Government has said that "the only sustainable way of making housing more affordable in the long term is to build more homes in the right places".

It has set a target to build 300,000 homes a year on average by 2025, which will be the biggest annual increase in housing supply since 1970. The Chancellor outlined building programmes that focus on urban areas where people want to live and where the most jobs are created.

Wow! Some big changes to digest there. So, it seems that piggy bank doesn’t need to be as full as we first thought!
So why not start taking advantage of this huge stamp duty saving today – Take a look at our current properties for sale in Sutton Coldfield, all waiting for you to view at www.hazelwoodsproperty.co.uk.

Then give your trusted, local estate agents Hazelwoods a call on 0121 294 6735 to book a viewing and take the first step to getting your foot on the housing ladder (STAMP DUTY FREE!).

HAPPY HOUSE HUNTING AND STAMP DUTY SAVING!

Sources: BBC news, HouseBeautiful.co.uk, Gov.uk