Budget: What to look out for

Chancellor Philip Hammond will today unveil the Autumn Budget – but what will the document contain for the mortgage and property markets?

Hammond is keeping most of his cards close to his chest, but he has made several announcements already.

New homes

The Budget will lay out Government plans to help build 300,000 new homes a year, the Chancellor announced at the weekend.

The plans will include fasttracking developments with planning permission.

Hammond said the Government would use “powers of state” to get homes built on these sites.

The Chancellor said the country was currently building 217,350 homes a year, but that more were needed.

Social houses

The Budget will also contain measures to increase the amount of social homes built.

Prime Minister Theresa May announced plans to boost the number of council homes in October at the Conservative party conference.

The Conservatives also plan to remove current hurdles to local authorities building more properties for social rent.  

Councils are set to get new powers to build properties. They will also be required to judge the need for council housing in their areas. 

Other plans to be unveiled include pressuring local councils to give small pieces of land to developers.

Ministers confirmed that the Budget would contain steps more detail on the proposals.

Housebuilders

The Government will also unveil plans to aid SME housebuilders.

The Chancellor also said the Government will bankroll the clean-up of polluted former industrial sites and use the land for houses.

Stamp duty

Though the Chancellor has not announced any changes to stamp duty land tax, many experts expect to see the Budget feature changes to this.

Recommended

Budget to unveil plans for 300,000 new homes a year

The Budget will lay out Government plans to help build 300,000 new homes a year, according to Chancellor Philip Hammond. The plans will include fasttracking developments with planning permission. Hammond said the Government would use “powers of state” to get homes built on these sites, according to the BBC. The Government will also unveil plans […]

Feature: What will the Budget deliver for the mortgage market?

Speculation is rising that next week’s Budget may contain a number of measures designed to boost a struggling housing market. The Chancellor will deliver his first Autumn Budget next week. Although the contents remain under wraps, many industry experts are expecting announcements to boost house-building, as well as “targeted” changes to stamp duty land tax. […]

House-Keys-Mortgage-Estate-Agent-700.jpg

Landlords fear further blows following Budget

Landlords could be further hit following recent Budget announcements, experts believe, with aspiring first-time buyers facing a possible knock-on effect. Although the Budget is largely seen as being neutral to the mortgage market, some parts of the chancellor’s report gave landlords reason for concern. One area that could hit landlords is that the chancellor will […]

India rate cut – more to come?

Kunal Desai, Head of Indian Equities at Neptune Investment Management India’s stockmarket rallied this week following news that the central bank was cutting interest rates more aggressively than expected. Commenting on the rate cuts and what this means for India’s economic growth, Kunal Desai notes that there were two important details in the announcement that have […]

Newsletter

News and expert analysis straight to your inbox

Sign up