As the Chancellor of the Exchequer made his Autumn budget announcement on Wednesday November 22, George Goward, Managing Director of Nottingham financial advisers George Square Financial Management, was on hand to comment on some of the key points for our clients.
“While the general outlook for the UK economy is not as rosy as we would have hoped, it was great to hear Chancellor Philip Hammond announce that he is stepping in to help first-time buyers by abolishing stamp duty on first homes under £300,000 with immediate effect.
“This will benefit 95 per cent of all first-time buyers, saving them on average £1,660.
“Not only is this good news for those struggling to save for their first home, but also for the families trying to support them with deposits and moving costs.
“The rise in the tax-free personal allowance – the amount you earn before you start paying income tax – to £11,850 for basic rate tax payers and £46,350 for higher rate is also a welcomed announcement.
“Combined, we believe these measures will help more young people secure mortgages and get a foothold on the housing ladder.”
If you have any questions about how the Autumn budget announcement might affect you and your finances or are a first-time buyer hoping to take advantage of paying zero stamp duty, please get in touch.