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The Chancellor Phillip Hammond has delivered the 2017 Budget.Welcome to the Property Tribes reportage, highlighting the key announcements affecting the housing and property market.The Budget has been named "A Britain Fit for the Future"."The Budget is to look forwards, not backwards, to see opportunities, and seize them for Britain"."A sum of £3billion has set aside over the next 2 years for Brexit preparations"."We choose the future. To run towards change, not away from it"."The dream of home ownership should be a reality for all generations".Economic ForecastsThere will be another 600K people in work by 2022.3 million new jobs have been created since 2010.
Hammond says productivity has not improved.
For the last 15 budget events, the OBR has forecast productivity growth at 2%. But that has been revised downwards.
And so growth estimates have been revised down. They are now:
2017 - 1.5%
2018 - 1.4%
2019 - 1.3%
2020 - 1.3%
2021 - 1.5%
2022 - 1.6%Inflation will peak at 3% this quarter then fall back to target.Borrowing is down from the forecasts of the last Budget and will continue to fall to the lowest levels in 20 years.The key to raising the wages of British workers is investment - both public and private.Britain is the world's 6th largest economy and London is the No.1 financial city of the world.A new tech business is founded in business every hour.Government is investing in technology - allocating a further £2.3 billion for investment in R&D and increasing the R&D Tax credit to 12%.£500 million to be invested in 5G and fibre broadband.3 million apprenticeship starts to be delivered by 2020.Hammond says he is announcing £30m to improve digital connectivity on the trans-Pennine route.£1billion will be made available to local authorities for high-value infrastructure projects.Universal CreditThe 7 day waiting period will be removed.A full month's payment can be made within 5 days of applying.£1.5 billion package to address the concerns about UC.£125million over the next 2 years to benefit areas where rents are least affordable.TaxThe personal tax allowance will rise to £11,850 for standard rate tax payers and £46,350 for higher rate threshold.The VAT registration threshold will remain at £85K for the next two years while the Government consults on this issue.HousingA further £28 million will be provided for Grenfell tragedy residents and the local community.Empty properties - we will legislate for local authorities to charge 100% council tax on empty properties.We will push for longer tenancies in the private rented sector.A Homelessness Task Force will be formed to tackle homelessness, with a view to eliminating rough sleeping by 2027.House prices are increasingly out of reach for young people.Successive governments have failed to build enough homes to meet the needs of the country.It is a complex challenge and there is no "magic bullet".Over the next five years £44billion will be provided to support the housing market. By the mid-2020s there should be 300,000 homes being built every year - the highest level since the 1970s.There will be a focus on building high density homes in city centres close to transport links.If land is banked for commercial reasons, there will be measures to bring it into use.Oliver Letwin will chair a review of how land is being used for housing. It will report by the spring of next year, in time for the financial statement then. If necessary, the government will take powers to intervene to ensure land is used for housing, Hammond says.The Homes and Communities Agency will expand to become Homes England.The Oxford-Cambridge corridor will be focus of a new housing growth.With effect from today, for all first time buyer purchases up to £300K, stamp duty will be abolished!
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
So a first timer buyer in London spending over £300 k is penalized.
Why,because they happen to live there.
It should be abolished for all first time buyers
My notepad highlights for property investors:
Also what I like is removal of SDLT for purchased up to £300k for First Time Buyers. They have basicly excempt a lot of the north of england from SDLT if they are FTBs.
The Red Book is now released with the small print: https://www.gov.uk/government/publicatio...-documents
_________________________________________________________________________The above post is not financial advice, its often me rambling - passing time on a coffee break.If you are looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance._________________________________________________________________________
I might have misinterpreted Hammond's comment but I thought he was giving Council's power to charge a 100% premium on top of CT for empty properties I.e. potentially 200% CT for empty properties. If so I hope it makes allowances for properties being refurbished. Please someone I hope you correct me if I am wrong
Nope thats how I read it as well, punishing landlords that like to give new tenants nice properties..
My Council already charge 100% CT on empty properties so now gain the right to charge an additional 100% premium. As said hopefully this will be implemented with common sens, properties being actually developed will be exempt. I often near double the size of a property. I no longer like to flood with trades so do most of the work myself with one laborer, hence the projects can take over a year. Hope I will be exempt
Yes - I already get charged 100% council tax when empty this is giving them permission to double it to 200%. (they used to be able to do 150%)
I don't think you've got that right - at least I hope not!!Our local council gives us 2 weeks off so I think it's just means they should stop that practice in areas where it's still done.
Author of The Complete Guide to Property Strategies
"It is the small decisions you and I make every day that shape our destiny" Anthony Robbins
Stoke on Trent already pay 200% on any property empty over 12 months - this only happens normally where its a big renovation, delays with planning/insurance/party wall/ etc but it does seem to penalize those of us who like to renovate so we can let out top notch houses - exactly what the government want us to do????
If that's the case it makes sense to up sticks and live in the property for a few weeks whilst it's being refurbished and claim the single occupancy allowance. I'm so paranoid about mine being broken into when they are empty that I virtually live in them anyway.
Why not simply rent the property to yourself or a relative, or to a Company (you can incorporate one for £5)? That way you can ensure that you will never, ever pay more than 100% Council Tax.