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Chancellor Philip Hammond revealed that a consultation will launch to look at how landlords can be encouraged to offer longer, more secure tenancies for those in the private rented sector. The move is one which could benefit landlords as well as tenants, and was largely welcomed by the industry.
In an Autumn Budget which largely focused on the aspirations of home ownership for the next generation, the Chancellor declared that he wanted to see a Britain where 'the dream of home ownership is a reality for all generations'.
Arguably the biggest Budget announcement was the government's decision to remove the burden of stamp duty for first-time buyers purchasing a property worth up to £300,000. For first-time buyers looking to buy in London or other areas where the price of property is typically higher, the Chancellor revealed that stamp duty would not be payable on the first £300,000 of the cost of a property worth up to £500,000.
This measure will reportedly make 80% of first-time buyers exempt from paying stamp duty, and will mean a cut in stamp duty for 95% of first-time buyers.
In a boost to the housing market and housebuilding, £44 billion will go towards supporting the sector, with a target to build 300,000 new homes annually by mid-2020.
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