The Budget - What the October 2018 budget delivers to the property industry at a glance.
The High Street
Local high streets to benefit from £675 million to improve transport links, re-develop empty shops as homes and offices and restore and re-use old and historic properties.
Home Buyers and Landlords
First-time buyers purchasing shared equity homes of up to £500,000 to be exempt from stamp duty. Lettings relief limited to properties where the owner is in shared occupancy with the tenant.
New House Building
£500m for the Housing Infrastructure Fund, designed to enable a further 650,000 homes to be built Strategic partnerships with 9 Housing Associations which will deliver 13,000 homes across England.
Up to £1bn of British Business Bank guarantees to support the revival of SME housebuilders
Consultation on simplification of the process for conversion of commercial property into new homes to see parishes and neighbourhoods enabling more homes for sale to local people to buy, at prices they can afford. Funding to empower up to 500 neighbourhoods to allocate or permission land for housing through the neighbourhood planning system for sale at a discount to local people in perpetuity.
National Living Wage will increase from April 2019 from £7.83 an hour to £8.21. The tax-free Personal Allowance will rise to £12,500. The Higher Rate Threshold of 40% will increase from £46,350 to £50,000 in April 2019. In 2019, fuel duty will remain frozen for the ninth year in a row.
Commercial Business Rates
Business rates bill for firms with a rateable value of £51,000 or less to be cut by third over two years. Annual Investment Allowance to increase five-fold from £200,000 to £1 million to help businesses invest and grow. Businesses will be able to deduct 2% of the cost of any new non-residential structures and buildings off their profits before they pay tax.