How the autumn statement could affect first-time buyers - from stamp duty cuts to Lifetime ISA change
First-time buyers could be affected by several measures announced in the upcoming autumn statement which will be delivered by Jeremy Hunt on Wednesday (Nov 22). The chancellor is set to announce the government's tax and spending plans for the year ahead in a speech delivered in the House of Commons, usually around lunchtime.
The budget is one of the key financial events in the political calendar and affects the household budgets of millions of people across the UK, as well as setting out how much will be spent on key public services. Property experts are now predicting that first-time buyers could receive a string of measures to help them get a foot on the ladder.
It comes after sky-high house prices, soaring interest rates and the rise in the cost of living in recent years has made it incredibly difficult for people to be able to afford a mortgage on their first home. In a bid to stimulate the housing market, first-time buyers are expected to see potential stamp duty reductions, changes to the Lifetime ISA and an extension of the mortgage guarantee scheme announced this week.
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David Hannah, property expert and group chairman of Cornerstone Tax, has given a definitive guide to what the Autumn Budget might mean for those hoping to step on the property ladder for the very first time.
Amongst the tax changes set to be announced, there are reports that the Autumn Statement could see the government either reduce stamp duty or abolish inheritance tax in a bid to support first-time buyers in the challenging economic