Budget 2018 and the Housing

In his third Budget the chancellor announced that most first-time buyers of shared ownership properties will now no longer pay stamp duty.

In last year's Autumn Budget, the chancellor abolished stamp duty - a tax one pays if buying property or land - for first-time buyers buying a home worth up to £300,000. Now, stamp duty will also be abolished for first-time buyers of shared ownership properties - when someone buys between 25% and 75% of a home worth up to £500,000 and backdated to anyone who has bought one since last year Budget.

Help to Buy scheme received a two year extension and would end in 2023. It was originally to end in April 2021.

Other announcements related to housing

• The Housing Infrastructure Fund will receive £500m for further 650,000 homes to be built. The £500m funding boost to the Housing Infrastructure Fund, a government capital grant programme, will allow local authorities to provide funding for new infrastructure aiming to  encourage housing development in areas of high housing demand.

• British business bank guarantees of up to £1bn for smaller house-builders.

• Nine housing associations in England have signed a new strategic partnerships with the government allocating £653 to the scheme which is to deliver 13,000 homes and will run until 2021/22.

CLICK HERE for the full Budget 2018