Budget 2014: Key Property Points

Each year the Chancellor’s budget statement brings along much to discuss, here are the key points in relation to property matters:

•  The Help to Buy Scheme (Phase 1) has been extended until the end of 2020, and will still provide the offer of equity loans up to 20% for those with a 5% deposit on new build properties. Chancellor George Osborne believes that as a result of the scheme, 120,000 new homes will be constructed. 
• There was no mention as to Help to Buy (Phase 2), government backed mortgage guarantees, which is due to expire in 2016. This scheme is aimed at assisting those with a 5% deposit on house purchases up to £600,000.00. 

• Other property developments will also be supported through £500 million for small house-building companies in a new Builders Finance Fund. 

• 15,000 new homes to be built in the planned garden city in Ebbsfleet, Kent in the Thames Estuary. The location has been chosen due to its good transport links and land available for development. 

• A new 'Right to Build' scheme will also be launched and they have allocated £1.5m of funding to help individuals to build their own property. 

For advice on what the changes may mean to you and all your other property needs please contact RDC Solicitors on 01274 723 858 or e-mail Lynette Norris or Ian Haynes on LynnNorris@rdcsolicitors.co.uk or ian@rdcsolicitors.co.uk.