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Philip Hammond responds to criticism of his stamp duty cut
In the news
Philip Hammond’s big Autumn Budget headline - a removal of stamp duty for first-time buyers of properties up to £300,000 – has not got quite the reception he hoped.
The Office for Budget responsibility dismissed the measure, which will cost the exchequer £3.2bn in foregone taxes, as likely to benefit home owners not buyers by inflating prices.
But the chancellor was on BBC Breakfast this morning to champion the plans – apparently it will provide and incentive to save for a deposit.
“Hopefully, by abolishing stamp duty, which will save the average first-time buyer about £1,700, that will be a help and an incentive to focus on getting the deposit together, getting the money together to get on the housing ladder, and we hope that many more young people will be able to get on the housing ladder,” he said.
The average deposit for a first-time buyer is £33,000 nationally and more than £90,000 in London.
Elsewhere in the news, the BBC has an interesting interview with Edward Daffarn, the resident behind the Grenfell Action Group webpage on why his warnings weren’t heeded ahead of the fire. And housing blogger Dawn Foster writes in the Guardian that the Conservatives should be "insensible with shame" about the lack of funding for fire safety measures in the Autumn Budget.
On fire safety, we also have a couple of new lines for you this morning: the London Fire Brigade has issued 51 enforcement notices against high rises since the Grenfell tragedy, and an expert warns about the window panels on a tower block in Belfast. Read them here and here. Our digital edition, packed full of Autumn Budget coverage, is also available here.
On social media
Inside Housing’s Development Awards took place last night at a glittering ceremony in central London. The winners are here. Here are some tweets from the night.
Wow - just, wow. Massive thanks to our wonderful events team for all their work. @IHDevelopment #IHDA2017 #ukhousing @insidehousing pic.twitter.com/BhyfmvekuX
— Emma Maier (@EmmaMaier)Wow - just, wow. Massive thanks to our wonderful events team for all their work.@IHDevelopment #IHDA2017 #ukhousing @insidehousing pic.twitter.com/BhyfmvekuX
— Emma Maier (@EmmaMaier) November 23, 2017
The combined ward winners of the first Inside Housing development awards. Congrats everyone #IHDA2017 @CelconBlocks pic.twitter.com/9WkiQQcMaC
— Jenny Smith-Andrews (@JenSmithAndrews)The combined ward winners of the first Inside Housing developments awards. Congrats everyone #IHDA2017 @CelconBlocks pic.twitter.com/9WkiQQcMaC
— Jenny Smith-Andrews (@JenSmithAndrews) November 23, 2017
#IHDA2017 Best Residential Development Eston Community Village pic.twitter.com/a9fvSThNdt
— BSBA Architects (@BSBAArchitects)#IHDA2017 Best Residential Development Eston Community Village pic.twitter.com/a9fvSThNdt
— BSBA Architects (@BSBAArchitects) November 23, 2017
The Swan / NU team at #ihda2017 with our winners trophy. Absolutely ecstatic to win Best Approach to Modular Construction. @PTEarchitects @HCA_UK @BasildonCouncil pic.twitter.com/YHCZgdXBq1
— Swan Housing Group (@SwanHousing)The Swan / NU team at #ihda2017 with our winners trophy. Absolutely ecstatic to win Best Approach to Modular Construction. @PTEarchitects @HCA_UK @BasildonCouncil pic.twitter.com/YHCZgdXBq1
— Swan Housing Group (@SwanHousing) November 23, 2017