We’re pleased that the Government has served up a shot in the arm to shared ownership and the property market with a raft of new measures. Philip Hammond announced in this week’s Budget that the Government would be abolishing stamp duty for first-time buyers purchasing shared ownership homes valued at up to £500,000. The Chancellor said this move will retrospectively affect properties purchased since last year’s Budget in November 2017.
The Government also pledged an additional £500m for the Housing Infrastructure Fund which it said would unlock the construction of 650,000 homes. Other measures included simplifying the process of converting commercial properties into new homes and providing funding to empower 500 neighbourhoods to provide homes at sale or a discount to locals.