BUDGET 2017 HIGHLIGHTS AND RESPONSES FROM PROPERTY EXPERT AND MANAGING PARTNER OF SMITH AND SONS, CHRIS JOHNSON

From today, the government will abolish stamp duty for all first-time buyers for homes worth up to £300,000, and buyers will pay £5,000 less on purchases between £300,000 and £500,000. 

This will mean 80pc of first-time buyers pay no stamp duty, helping them get on the housing ladder, the government said.

Chris Johnson, Managing Partner at Smith and Sons commented: “Of course we welcome any reduction in stamp duty but believe that opening this up to all purchasers would have much greater reach with more lasting benefits.

“It’s incredibly disappointing to see that the additional stamp duty on buy to let properties remains which will inevitably deter some from considering property as part of their future investment plans. There is undoubtedly an appetite for property investment in this part of the country, however, investors will need to factor the additional costs into their wider budget.”

The Chancellor says that over the next five years the government will provide a £44bn capital investment to boost the housing market.

By the mid-2020s there should be 300,000 homes being built every year – the highest level since the 1970s.

Chris added: “We need more homes and this is a welcome move by the government. It’s also good to see support for the social housing sector and housing associations through the creation of more affordable and tenanted properties across the UK.

“As muted, this was a fairly unremarkable budget that does include one or two positive implications for the housing and property sector, be it minimal.”