While the details of Chancellor Rishi Sunak’s Budget announcement may have not come as much surprise to anyone, having been drip-fed over the last few days, we felt it would be useful for us to summarise the key points, and what they mean to home owners, buyers and property investors.
In a move designed to help the UK meet its environmental policies and targets, £3.9bn has been allocated by the Chancellor to help home owners de-carbonise their homes, and make their properties more energy efficient. As an industry, we have seen prospective home-buyers gravitate towards eco-friendly homes and feel this consumer demand will only increase in the future.
£1.8bn has been earmarked for local authorities to unlock brownfield sites in a bid to build 160,000 new homes around the country.
£5bn of Government funds has also been allocated for cladding to put right buildings which are deemed at risk, following the Grenfell tragedy in 2017.
For first-time buyers, the Help To Buy scheme is confirmed to end in 2023.
From the 27th of October, any Capital Gains Tax dues are payable within 60 days, as opposed to the previous 30 days. This applies to both UK and non-UK residents.