GKL Residential Developments is a leading regional development company with its head office based in Peterborough. Following the budget announcement on Wednesday the 22nd of November, the Chancellor of the Exchequer Philip Hammond’s decision of scrapping stamp duty for homes under £300,000 was welcomed with excitement. This new decision will allow the majority of first-time buyer to save an average of £1,700 in stamp duty and will boost the ability for
young people to get onto the property ladder.
Below is a comparison showing key indicators for the property market quarter on quarter from one of the national Estate Agents.
This policy is part of a package of measures put in place to help first-time buyers access the housing market and it comes as a result of worries related to a crisis in the housing and construction industry, for young people being able to make it onto the homeowner ladder. The Chancellor of the Exchequer also committed a total of over £44bn of capital funding and loans to support house-building throughout the UK for the next five years, this is something that of course is welcomed by GKL Residential Developments.
Mr. Hammond’s budget announcement also included commitment into boosting the supply of skills (something that is a concern to our group post Brexit) resources and building land, this will be helped by injecting £34m to develop construction skills across the country. The government will also inject the financial help necessary to deliver 300,000 homes each year up until 2020. Money will also be added to other areas in the industry such as £2.7bn to the Housing Infrastructure fund, £400m will be used for estate regeneration and £8bn to support private housing.
The news is taken with high expectations and excitement by GKL. “The new policy creates improved opportunities for the next generation, allowing them to become homeowners, which consequently improves the economy and their everyday lifestyle” says James Brackenbury, Director at GKL Group. We are currently working on several new housing development schemes targeting first time buyers and are in planning for new schemes in the very popular areas around Cambridgeshire. The processes followed are focused towards creating aspirational new homes and the recent news will certainly give the industry and local communities a much needed boost, all of which will be welcomed by our customers.