Following on from the recent Budget announced by the Chancellor, I have received a letter from the Secretary of State for Communities and Local Government regarding the housing measures contained within the Budget.
The Budget makes available over £15 billion of new financial support for house building over the next five years, bringing total support for housing to at least £44 billion over this period. Combined with existing policies, such as the Help to Buy Equity Loan Scheme, we will see more houses built and more first time buyers owning them.
The Government has abolished Stamp Duty altogether for all first time buyer purchases up to £300,000. The exemption will also be available to properties up to £500,000, but will stop thereafter. This means that young savers in Norwich who have aspirations of buying their first property will not need to save as much as they currently do to afford the associated costs with owning their first home. This is how the Conservatives, with a strong economy, can help young people to get on.
I have included the letter below and would encourage you to take a look at its contents, as I think you will find it very useful in detailing the various different approaches the Government is taking to tackle the housing crisis.