Thursfields welcomes Chancellor’s help for house builders and first-time buyers

Thursfields has welcomed the Chancellor’s initiatives to help house builders and first-time buyers in his Autumn Budget.

Louise Jones, head of Thursfields’ New Homes Division, said the commitment of £44 billion for housing through capital funding, loans and guarantees will give the sector much-needed confidence in the government’s promise to help it build more homes. 

She said: “The fact that this £44 billion includes an extra £2.7bn to more than double the Housing Infrastructure Fund can only mean that the new build housing market is set to face better times. This shows that the government is serious about its long-term goal to build 300,000 new homes by the mid-2020s.”

Louise also praised the Chancellor’s decision to help first-time buyers by immediately scrapping Stamp Duty for when they buy properties up to £300,000.

And she said it was an important additional announcement to consider first-time buyers in expensive areas like London by also removing Stamp Duty on the first £300,000 of the purchase price of properties up to £500,000.

She said: “These new exemptions mean that around 80% of all first-time buyers will not pay Stamp Duty, which will massively increase the demand for new homes.”

Louise explained that Thursfields’ dedicated New Homes Division, supported by conveyancing executive Alison Collins, was there to help both small and large house builders, and the buyers of new homes.

She said: “Between myself and Louise, we have substantial expertise in all aspects of new build transactions, having both worked for one of the UK’s largest housebuilders for over 20 years. This means we are able to provide timely and effective advice, guiding clients through the most complex of transactions in a smooth and stress-free manner, ensuring that clients’ sale or purchase of a new build property is progressed as quickly as possible.”

As the Government’s Budget measures start to speed up the new homes market, Louise said Thursfields’ New Homes Division can advise on a wide variety of government schemes available to buyers of new build properties, such as:

• the Help to Buy Scheme
• Help to Buy ISAs, and
• home building funded loans.

She added: “Thursfields’ experienced Commercial Property Department also has strong links to local land agents, planning consultants and investors, which means they have all the tools needed by builders to facilitate land acquisition, advise on both commercial and private equity funding, and the planning process.”

For further information, please contact Louise Jones on 0121 796 4021 or email ljones@thursfields.co.uk