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Autumn Budget 2018 – London Property Market Update

 
 
 
 
  27 Nov 2018

With the dust settling on the Autumn Budget 2018, people are trying to determine how the changes will affect them. There were a few announcements relating to the property market, so if you are looking to make a move, it is worth staying in touch with the latest developments. We all know the London property market operates in its own bubble away from the rest of the county and some elements may be more pertinent to people in the capital than others.

At Jezzards, we aim to provide you with the best level of support and guidance when it comes to the property market, so stay in touch with us to make fully informed decisions.

Main points of the Autumn Budget 2018 for UK property market

  • The removal for stamp duty for first-time buyers who purchased a shared ownership property of up to £500,000
  • The extension of the Help To Buy scheme to 2013, with the years between 2011 and 2013 being exclusively for first-time buyers
  • Funding of £500m given to encourage the building of 650,000 homes
  • Foreign property owners must pay an additional tax when buying property

The last point may be the one that has the biggest impact on the London property. With 13% of all new build homes in the capital being bought by foreign buyers, there have been calls for better management of who gets to buy London property.

Impacting on foreign buyers will shape London property market

There were calls for a dibs policy to be introduced which would provide London residents with the first chance to buy property in the capital, and this was being backed by the London Mayor’s office. However, this measure is likely to have an impact on this market and it may be that the additional cost, likely to be between an additional 1% and 3% for foreign buyers, who will also have to pay stamp duty, may dissuade some of these potential buyers from getting involved with the market.

With respect to the stamp duty change, it may have less of an impact in London than in the rest of the country, due to the sums of money involved. The Autumn Budget 2018 change for stamp duty sees the removal of stamp duty for first-time buyers purchasing a shared property ownership up to a price of £500,000.

No matter what your own private opinions on the shared property ownership scheme is, the fact that there have been more than 200,000 purchases of this nature across the country indicates that many people have an interest in it.

There was also been debate as to whether the Help To Buy scheme does enough to support prospective buyers in the English capital. There is a higher threshold for buyers in London but considering the prices of some areas of the capital, this isn’t always taken up on. However, the fact that the scheme has been extended for two years and with the period between 2011 and 2013 only being open to first-time buyers, there may be more interest in this scheme from this point.

If you want to ensure you remain fully informed of property market information and how the Autumn Budget 2018 may impact on your moves, contact Jezzards today on 03330 433 633 or contact us online.


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