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Osbornes property industry Autumn Statement announcements
– From April 2016 buy to let landlords and people buying second or holiday homes will have to pay an additional 3.0 per cent stamp duty surcharge, predicted to raise £1 billion by 2021;
– £2.3 billion to be paid directly to developers to build starter homes for sale to first time buyers who will receive 20 per cent discounts. These homes will be capped at £450,000 in London and £250,000 elsewhere;
– Another £4 billion will help build 135,000 so-called ‘Help to Buy: Shared Ownership’ homes for households earning less than £80,000 across the UK or £90,000 within Greater London;
– Some £200m to help create 10,000 new homes to let that tenants can live in for five years at sub-market rents while they save for a deposit. They will then be given the ‘first right’ to buy the home;
– Restrictions on shared ownership to be removed and planning system reformed to deliver more homes;
– The introduction of a London-specific Help to Buy scheme to offer interest-free loans worth up to 40 per cent of the value of a newly built home;
– An additional £400m to help build 8,000 specialist homes for older people or those with disabilities;
– Five housing associations from today in a pilot programme allowing tenants the right to buy their properties with discounts;
– From 2019 those private market sellers of second homes and investment properties are likely to be expected to pay their capital gains tax within 30 days of completion of their sale.
