Monday, 23 July 2018

How budget will affect you

How budget will affect you
NEWS from last week’s budget tended to concentrate on pensions, but there was some good news in there, too, for property owners and for those seeking to make their first-time buy.

The government indicated that it is keen to encourage people to build their own homes, with the Chancellor of the Exchequer, George Osborne, pledging £150 million to support self-building in his budget statement.

In a move to help solve the housing crisis, the new “Right to Build” scheme will give custom builders the right to buy plots of land from councils on which they can build their own properties.

The £150 million repayable loan scheme will help provide up to 10,000 plots for self-building. The government will also look to extend the Help to Buy equity loan scheme to cover custom builds.

Mr Osborne said: “House building is up 23 per cent. But that’s not enough. That’s why we’re making further reforms to our planning system and offering half a billion pounds of finance to small house building firms.”

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