Budget 2018 – Property Sector Key Points

Yesterday 22nd of November 2017, the chancellor, Philip Hammond, has unveiled the budget. Below you can find the main key points in relation to the property sector:

  •  Council tax – local councils will have the power to double the council tax due on empty properties.
    Comments: This is likely to push owners of empty properties to let them.

  • Stamp Duty Land Tax – no Stamp Duty Land Tax will be due by first time buyers on values up to £300,000 on properties costing up to £500,000.
    Comments: Good news for first time buyers.

  • Compulsory purchases – A further review will be carried out to consider whether to introduce powers to make compulsory purchases for undeveloped property/land with planning permission.
    Comments: Not good news for land bankers or properties held for long-term development as the chancellor hit out to those who do not build on plots that have already been granted planning permission.

 

Budget 2018 – Property Sector Key Points

Leave a Reply

Your email address will not be published. Required fields are marked *