4 April 2011 by

Budget News key points affecting the residential property market

The latest Budget, announced by George Osborne on the 23 March 2011 included various measures that are likely to have an affect on the residential property market.

Below is a list of some of the key points:-

  • The Government has announced that it will invest £250 million to support first time buyers of new-build properties. This scheme known as The FirstBuy Programme and will assist households with equity loans of 20% of the cost of the property. This will be funded jointly by the Government and new home builders and the loan will be interest free for the first five years and repaid on the sale of the property. The purchaser must provide a minimum deposit of 5%.
  • The Stamp Duty disadvantaged relief scheme that increased the stamp duty threshold from £125,000.00 to £150,000.00 for properties either partly or wholly within a designated disadvantaged area is due to be abolished, however as of yet no date has been agreed for the abolishment.
  • The Government announced it will review the current threshold for stamp duty payable by first time buyers. Currently stamp duty is not payable for first time buyers if the purchase price is below £250.000.00. The outcome of the review is expected in the autumn, so watch this space.
  • The rules on stamp duty payable by purchasers of bulk residential properties from the same seller have been amended with the aim of reducing the amount of stamp duty payable. Check more in-depth analysis
24 March 2011 by Louise Dawson

Budget News, Anti-avoidance of Stamp Duty Land Tax

In yesterday’s budget, the government took steps to abolish the three main SDLT avoidance schemes. The first involves coupling a sub-sale with an alternative finance relief (commonly known as a Sharia sale and leaseback).

25 March 2011 by Louise Dawson

A welcome surprise for residential property investors

In his budget on Wednesday, Chancellor George Osborne announced that the Government will change the stamp duty land tax ('SDLT') rules for bulk purchases of residential properties. This includes purchases of two or more properties in one transaction.

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