Budget 2018 – what does it mean for shared ownership?

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Budget 2018 – what does it mean for shared ownership?

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The final Budget before the UK leaves the EU has been delivered this week, with the aim of preparing us for a “new chapter” for the economy.

There were plenty of new measures implemented, many of which could affect you and your finances, so it’s worth taking a look at the full Autumn Budget on the Government’s website – we’ve included a link at the end of this blog.

The measures, however, that interested us most, were the new changes around housing and first-time buyers.

You may recall that in last year’s Autumn Budget, stamp duty was abolished for first-time buyers purchasing a home worth up to £300,000. This was a step in the right direction, but it unfortunately excluded buyers of shared-ownership homes.

Well, in this year’s Budget the help for first-time buyers has been expanded on, and we’re delighted to say that stamp duty land tax has now been abolished for first-time buyers of shared ownership homes!

It will apply to all shared ownership homes worth up to £500,000, and – the icing on the cake – it will also be backdated for anyone who has bought a shared ownership home since the last Autumn Budget, which was on 22nd November 2017. So, if you’ve bought a shared ownership home in that time, you will now be eligible for a refund.

This has been applauded across the sector as a welcome move for those hoping to make their first steps onto the housing ladder.

Kevin Roberts, Director of the Mortgage Club at financial services firm Legal & General, said the move showed the government ‘clearly recognises the benefits’ of shared ownership and he hoped the announcement would raise awareness of the scheme.

Other measures for housing included a scheme to help councils develop more homes in High Streets, and a funding boost for local councils, which should help to build 650,000 more homes.

View the full Budget 2018 here.

Why Choose
Cerris Homes?

We provide high quality, new homes that are affordable for you to buy, through the shared ownership scheme.