More than 120,000 first-time home buyers have saved a total of £284m because of the cuts to stamp duty introduced last November, according to government figures. The first £300,000 of the price of a property is now exempt from tax for people entering the housing market for the first time. It means that the new
The government is planning to set up several New Town Development Corporations to build thousands of homes across the country over the next five years. The corporations will be accountable to local councils and be responsible for new towns and garden communities in their area. They will oversee the planning and project development, bringing on
House prices in England rose by 3.7% in the year to April – taking the average property value to £243,639. Wales showed an annual price rise of 4.4%, with the average home valued at £156,495. The South West was the fastest growing region with an annual growth rate of 6.1%, up from 5.3% in the
Nearly 70,000 first-time buyers have benefited so far from the abolition of stamp duty on homes costing less than £300,000. The figures, released by the government, cover the period up to 31 March this year. The changes to stamp duty were made by Chancellor Philip Hammond in the autumn Budget last November. The stamp duty
The government is making it easier for developers to convert agricultural buildings into family homes. Currently developers are permitted to create a maximum of three homes from agricultural buildings on farmland. This is set to rise to five. It’s part of the government’s plan to meet local housing needs more efficiently. The new measures will
The government is to give local authorities the power to double council tax on homes that are left empty for long periods. It’s hoped the move will bring more properties back into use and ease the pressure on the housing market. The new legislation will allow councils to charge double the rate of Council Tax
The government says it wants estate agents to become “professionalised” as a way of improving the housing market and reducing the number of sales that fall though each year. Ministers say delays and complications during the process of buying or selling a home can cause unnecessary financial and emotional stress to customers. This uncertainty can
The government plans to create a new generation of town houses by making it easier to develop existing buildings. Housing Secretary Sajid Javid says the changes will ease pressure on valuable open spaces and help growing families who live in built up areas. Under the changes it will be easier to build upwards on existing
Growth in house prices in the UK slowed down in 2017, according to the latest figures from the House Price Index. The annual growth rate for 2017 was 4.8%, compared with 7% in 2016. On a calendar year basis, that is the lowest rise since 2013. The figures showed a wide variation in growth rates
The government has announced new measures to prevent unfair and abusive practices within the leasehold system. They include a ban on leaseholds for almost all new build houses. Changes will be made so that ground rents on new long leases – for both houses and flats – are set to zero. It will also become