Autumn Budget 2017

Today (Weds 22nd November 2017) Philip Hammond, Chancellor of the Exchequer delivered the autumn budget statement. This set out what the governing party intends to do with our finances over the coming 12 months.

At the point of writing this blog entry, the details of the statement are still being analysed and it shall be a while until we get a fully detailed look at the impact of each of the changes the Chancellor has made. However, that doesn’t mean we can’t make you aware of some of the announced changes in the coming year which could affect you. So the following is a short breakdown of some of the parts of the budget most likely to impact the construction industry.

Abolition of Stamp Duty

Philip Hammond has, effective immediately, abolished stamp duty for first time buyers on properties up to a value of £300,000 (£500,000 in more expensive areas). What this means is that those buying properties of £300,000 or thereabouts will be save somewhere in the region of £5,000. He has also promised an extra £10bn to help-to-buy equity loans.

Threats to compulsorily purchase land if not built on

Hammond made a threat to force purchase any land that house builders owned and weren’t actively building on. This has had a negative impact on shares for several house builders and may have further implications in the year to come.

£400m promised to regenerate housing estates

Hammond promised around £400m to help regenerate housing estates across the country and close to £1.1bn to unlock strategic sites for development.

 

Please Note: Every care was taken to ensure the information in this article was correct at the time of publication. Any written guidance provided does not replace the reader’s professional judgement and any construction project should comply with the relevant Building Regulations or applicable technical standards. However, for the most up to date LABC Warranty technical guidance please refer to your Risk Management Surveyor and the latest version of the LABC Warranty technical manual.

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