What does the Autumn 2017 budget mean for people looking to build or renovate a property?
It is very apparent from the recent budget the government is attempting to put into place a system which aims to repair the UK’s housing market. The objective of this autumns housing policy is to make it easier for first time buyers to get onto the property ladder and also to raise housing supply and productivity to meet the needs of the growing demand for housing.
But what does this mean for the people looking to build or renovate a property? Byoot will explore some of the main impacts;
- Plans to build more houses – The government has recognised that there is a growing demand for housing and with an exponentially increasing population more homes are needed. It will be music to the ears of all those in the construction industry, developers and homeowners looking to build a new home, that this autumns budget addresses this problem and commits to reform the planning system to make it more efficient and to ensure that better use is made of underused land in towns and cities. One of the ways the government is proposing to make the planning system more efficient is by developing a central register of residential planning permissions from local authorities, this will encourage local authorities to be more accountable and will hopefully prevent unnecessary planning permission delays.
- Commitment to make it easier to covert brownfield buildings (previously developed properties and land currently not in use) – For urban area property owners looking to renovate the government are looking to ensure that brownfield and scarce urban land is used as efficiently as possible, which means that converting spaces above high street shops as well as old retail and employment land into housing will become easier for property owners.
• Investment in teaching construction and trade skills – This Autumns budget saw the government committing to provide the construction industry with £34 million to go towards training, in order to support the demand for skilled trade professionals. There is also a focus on establishing the UK as a world leader in new technologies such as artificial intelligence (AI) and as such the construction industry is likely to see some developments in this area.
• Higher threshold for stamp duty for first time buyers – more and more first time buyers are looking to buy a run down property to renovate in order to achieve owning their dream home, as the cost of buying a dream home otherwise is totally out of reach. The government’s new policy on stamp duty for first time buyers makes this an even more attractive option for those looking to get onto the property ladder and the money they would have used for stamp duty can now be put into the pot for renovation.
As renovation property management experts Byoot feel that the Autumn budget is certainly a step in the right direction for the UK housing market and has some significant benefits for homeowners looking to build or renovate as well as all those involved in the construction and development industry. The planning permission process is likely to be more efficient, there will be a greater supply of skilled trade professionals, urban brownfield and scarce land will become easier to convert and there is a higher stamp duty threshold for first time buyers looking to get onto the property ladder to design and build their dream home.
Byoot provides a full turnkey solution to our clients, from planning, architects, structural engineers, building control and the build, leaving our clients to focus on their day jobs while we do ours. If you are thinking of extending your home speak to one of the team on 0208 4509185 or send us an email at firstname.lastname@example.org