George Osbourne has pledged to deliver the largest house building programme since the 1970s. The Autumn Statement revealed that the Government will be injecting £7billion pounds into the property market to build 400,000 properties and help people get onto the property ladder. Take a read of our summary of the Autumn Statement 2015:-

200,000 Starter-Homes for First-Time Buyers by 2020

If you are under 40 and a first time buyer, the Government have pledged to build 200,000 properties at a 20% discount to help you move into your first family home.

The Help to Buy ISA to Boost Your Deposit

Starting from now, the Government’s Help to Buy ISA will be launched by banks and building societies to boost your mortgage deposit. First time buyers can save £200 per month and receive a 25% bonus from the government. The government has set a £3,000 limit on bonuses, meaning when you save £12,000 you will be topped up to £15,000 when your ISA is closed. Click to read more about the benefits of the Help to Buy ISA here.

£400milllion to Build 8,000 Specialist Homes

The Autumn Statement revealed that the government are providing £400million pounds to local housing associations to build 8,000 properties for the elderly and individuals with disabilities.

Shared Ownership

Osborne has shown that more than 100,000 families will be helped onto the housing ladder by the Government’s shared ownership scheme. Families earning less than £80,000 a year outside of London and £90,000 in London will be eligible to part purchase a property and buy more of the home over time. Osborne has pledged to provide £4billion pounds to local authorities, housing association and the public sector in aim to build 135,000 shared ownership homes by 2020.

Release of Public-Sector Land

It has been reported that the Government and local authorities are “clinging” on to more than 180,000 sites. The Autumn Statement pledged that local governments will be selling sites and keeping 100% of the proceeds to inject cash into improved local services.

Increase of Stamp Duty for Second-Home Buyers

In last year’s Autumn Statement, George Osbourne cut Stamp Duty bringing down costs for 98% of buyers. But, this year the Government is increasing Stamp Duty by 3% for individuals buying their second home. As the average house price increasing by 15% since 2010, the government hopes the increase of stamp duty will help first time buyers afford to buy a property.

Looking move in 2016? Choose Cook Residential Estate Agents Cheltenham as your trusted property agency. Browse our houses for sale in Cheltenham, register your property requirements so we can tell you about your perfect property before it’s launched to market.