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Autumn Statement

Hammond provides the keys to £7.2bn.

The Chancellor said it; and what a relief it must feel for those who have been working so hard for so long to get the keys to their first home. Addressing Parliament in his first, and last, Autumn Statement, Phillip Hammond said: “For too many, the goal of home ownership remains out of reach.”   

Autumn statement pic 1He then announced:

• A sum of £7.2bn to support the construction of new homes, including help for housing associations.
• A new £2.3bn Housing Infrastructure Fund to build up to 100,000 new homes in high demand areas.
In doing so, he acknowledged, he was addressing the hugely damaging effect of ‘unaffordable housing on the UK’s productivity in places where it is needed most’. He also said there were to be further measures to unlock land for the development of thousands more new houses, further boosting the stock.

Also, other tax-efficient savings schemes, such as Help to Buy, to help home owners have been extended.
The devil, as always, is in the detail and no doubt further news will be forthcoming;  and perhaps Mr Hammond  is intent on turning us into a ‘nation of property developers’, but there can be no doubt the news will come as positive for the perennially struggling first time buyer.

On the down-side, though, there was no announcement on the reform of Stamp Duty, which is widely believed to be contributing to stagnation in the housing market further up the property ladder. The Family Building Society has long campaigned on behalf of the first-timer and since 2014 has been developing innovative products designed especially to help families help their youngsters to get their feet on the housing ladder.

Our unique Family Mortgage allows members of the family: mum, dad, aunts, uncles and grandparents to deploy their savings, and the equity in their homes, to help the younger generation raise that difficult deposit without endangering that capital.

And, we have designed it so that those family members who are offering their help, don’t get a mention on the deeds of the new property and so don’t incur that vicious additional Stamp Duty on second homes.

We can also offer you and your family a leg-up with our Helping Hand Saver account which offers relatives a uniquely easy way of putting aside some money to invest for the future of the next generation.
And our Offset Mortgage can also help you to reach your goals as well as helping to make repayments more affordable.

The Family Building Society has led the way in helping first time buyers into their own homes – and has been doing so since July 2014 when we launched the pioneering Family Mortgage.

Find out more about our family friendly mortgages for first time home buyers here.

By Steve McDowell 

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Family Building Society
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Surrey KT17 4NL
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