Friday, June 14, 2024
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Navigating the Autumn Budget: Implications and Opportunities for First Time Buyers in the UK

The Chancellor’s Autumn budget is basically a big plan for how the government will manage money for the country. It’s like making a household budget but on a huge scale for things like schools, hospitals, roads, and other important areas for the country. The government decide how much money they will spend, where it’ll go, and how they’ll get that money through things like taxes. It’s a way to make sure the country’s finances are in good shape and that they’re spending money on the right things to help everyone. 

Jeremy Hunt, the Chancellor of the Exchequer delivered the autumn statement today with the main aims being to halve inflation, grow the economy and reduce debt. He opened his statement by wishing his wife a happy birthday. An opener that went down well amongst his peers! 

The statement which Jeremey Hunt refers to as “The Autumn Statement for a country that has turned a corner, an Autumn statement for growth”, includes 110 growth measures that the Conservative party set out for their proposed future for the country.  

First Time Buyers In The Autumn Budget 

It appears that housing wasn’t top of the list for the Chancellor this time around.  

The Mortgage Guarantee Scheme, which was designed largely to help FTB’s, enables lenders to offer up to 95% loans on properties up to the value of £600,000. The scheme was introduced in April 2021 and extended in January 2023 and follows on from the Help to Buy Mortgage Guarantee Scheme from 2013.  The chancellor has announced that this scheme will be extended until June 2025. So far, this scheme has helped over 24,000 homeowners.  

OTHER KEY POINTS  

*Tax, wages, and National Insurance 

*Benefits and Pension  

*Infrastructure and Business 

To stay informed on the latest developments for first time buyers, read the full magazine at Read for Free.

First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.

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