Autumn Budget: Government cuts first-time buyer stamp duty on shared ownership
The government has abolished stamp duty for first-time buyers purchasing shared ownership homes valued at up to £500,000.
Hammond (pictured) said this move will retrospectively affect properties purchased since last year’s Budget in November 2017.
Kevin Roberts, director of Legal & General Mortgage Club, said: “This extension to shared ownership properties of up to £500,000 is very welcome news for buyers up and down the country – even better to hear that it will be applied retrospectively for homeowners since the last Budget.
“The government clearly recognises the benefits of shared ownership as a genuine option for individuals, couples and families who want to become homeowners.
“Hopefully, this exemption will now bring about even more awareness of the scheme and make it as widely recognised as other high profile tenures such as Help to Buy.”
The government also pledged an additional £500m for the Housing Infrastructure Fund which it said would unlock 650,000 homes.
Meanwhile it pledged to simply the process of converting commercial properties into new homes.
It will also provide funding to empower 500 neighbourhoods to provide homes at sale or a discount to locals.
Since cutting stamp duty last year Hammond said 121,500 first-time buyers have benefitted from the relief.
Meanwhile the number of first-time buyers is at an 11-year high.