UK budget

Budget 2020 for property market

The budget of 2020 introduced last-minute mitigation of the Coronavirus on the British economy but had little to talk about the property market.

So, what are the changes?

  • Stamp Duty 2% surcharge for non-UK resident buyers, which will be introduced in April 2021
  • An extension to the Affordable Homes programme, the funding, distributed by Homes England and the Greater London Authority, is used to support housing associations and to encourage developers to build new affordable housing.
  • Allocation of £640million to help rough sleepers into accommodation.
  • £1bn allocated to remove unsafe cladding

What didn’t happen?

  • Chancellor Sajid Javid’s mansion tax on the country’s most expensive properties
  • Help for first-time buyers