Adrian Gill, chief executive officer of the Leaders Romans Group, says: “Chancellor Philip Hammond’s Budget speech yesterday (22nd November) has provided the property market with a renewed sense of positivity and optimism following several key announcements.
“His headline policy will see stamp duty abolished for first-time buyers in England, Wales and Northern Ireland with immediate effect, reducing the cost of buying by thousands of pounds for this group. This is undoubtedly great news for first-time buyers and for the sector as a whole, with more people now in a position to get on the ladder and the money first-time buyers have earmarked for stamp duty added to their deposit fund instead.
“Although the Bank of England recently increased the base rate for first time in five years, there is still a wide range of fantastic mortgage rates available to first-time buyers, making it a favourable time for young people to look at buying their first home.
“I am also pleased to note the Chancellor has committed to £44 billion of spending on new homes in order to ensure some 300,000 new properties are built in the UK each year by the middle of the next decade. The country’s housing shortage is well publicised and measures such as this are required in order to satisfy incredibly high demand for all types of homes.
“It comes at a time when we are investing more than ever before in our own New Homes department. We believe this is an area with potential for major growth in the coming years as the importance of new homes continues to grow and government backing is key.”