The Spring Budget came as a disappointment for anyone looking to get a foot on the housing ladder. There was a distinct lack of announcements concerning Lifetime ISAs (contrary to expectations), no replacement for Help to Buy, and no changes to Stamp Duty thresholds, a disappointment for many.<\/p>\n
Just days ahead of the key fiscal event, the Chancellor had already scrapped plans for 99% loan-to-value (LTV) mortgages for first-time buyers following resistance from the banking community. The scheme would have seen home buyers able to put down a 1% deposit on a new first home, with the government backing the overall loan, but bankers warned it would push up defaults.<\/p>\n
Silence \u2013 not golden<\/strong><\/p>\n Reaction from industry professionals was largely negative, with Tim Bannister from Rightmove commenting, \u201cWe had hoped the government would seize the opportunity to help first-time buyers and reform the outdated Stamp Duty system today. Instead, home-movers were left with extremely little and the temporary Stamp Duty thresholds weren\u2019t even made permanent, meaning more will pay higher rates of Stamp Duty next year, unless the government makes them permanent in the autumn.\u201d<\/p>\n Jonathan Stinton from Coventry Building Society said the silence around housebuilding was deafening, adding that the Budget, \u201ccould have been an opportunity to present new innovative schemes which help buyers with affordability as well as saving for a deposit \u2013 but not even the bare minimum was done. It\u2019s not only incredibly disappointing, it feels like a big misstep on the Chancellor\u2019s part. First-time buyers are the foundation on which the rest of the housing market stands. Failing to give them proper help is failing to help the rest of the market.\u201d<\/p>\n \ud83d\udea8 Data accurate as of the date of publication \u2013 20.06.2024<\/p>\n \ud83d\udea8Information within this blog is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed.<\/p>\n \ud83d\udea8Think carefully before securing debts against your home.\u00a0 Your home may be repossessed if you do not keep up repayments on your mortgage.<\/p>\n \ud83d\udea8 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.<\/p>\n <\/p>\n Source: Quilter Financial Planning \u2013 Essentially Mortgages Q2 2024<\/p>\n","protected":false},"excerpt":{"rendered":" The Spring Budget came as a disappointment for anyone looking to get a foot on the housing ladder. There was a distinct lack of announcements concerning Lifetime ISAs (contrary to expectations), no replacement for Help to Buy, and no changes to Stamp Duty thresholds, a disappointment for many. Just days ahead of the key fiscal […]<\/p>\n","protected":false},"author":3,"featured_media":3502,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-3528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n