How does the Spring Budget 2024 affect the housebuilding industry?

Chancellor Jeremy Hunt has delivered the Spring Budget for 2024 which included several key points for the housebuilding industry.

Hunt stated that the government was “on track” to deliver 1 million homes in this parliament and was “building more homes” for young people.

What are the key points from the Spring Budget for the housebuilding industry?

Property tax

  • Chancellor Jeremy Hunt announced in the Spring Budget that higher property capital gains tax will be reduced from 28% to 24%, which he hopes will increase revenues caused by more transactions taking place.
  • Multiple Dwellings Relief, which was introduced to those buying more than one house in a single transaction, has been taken away.

Building Projects

  • The chancellor announced investment in housing projects in certain areas, including £124 million at Barking Riverside to unlock 7,200 homes. The government will also invest £118 million to speed up the delivery of the Canary Wharf scheme, set to feature up to 750 homes.
  • The chancellor announced the “next steps” of its Cambridge plans – a long term funding settlement for Cambridge’s future development corporation, including £10 million in the coming year to help build new homes alongside increasing the amount of lab space.
  • £20 million community-led housing initiative, which according to HM Treasury’s Budget document, will yield up to 3,000 new homes.
  • £650 million AstraZeneca investment to build a new vaccine manufacturing hub in Liverpool.

In summary, the government has announced investment and plans to continue to build new homes across the country.

However, there has been some criticism within the industry towards its disappointment over the lack of significant housing and planning measures in the chancellor Jeremy Hunt’s Spring Budget.

You can read the full Budget Summary on the Government Website here.

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