26 November 2015. Chancellor’s Autumn Statement

26 November 2015. Chancellor’s Autumn Statement

Key changes announced in the Chancellor’s Autumn Statement, which will affect residential property:

1. Next month a new Help to Buy loan will be introduced which will give first-time buyers up to 40% of the property value instead of current 20%. The loan will be interest free for 5 years.

2. Stamp Duty will stay the same. However, starting from April 2016 Buy-to-Let landlords and second-home purchasers will have to pay a 3% surcharge. This might deter investors and increase rents for some tenants.

3. The Government promises to build 400,000 new homes and streamline the planning process.

4. From 2019 Capital Gains Tax will have to be paid within 21 days instead of present 21 months.