Inflation has peaked and is set to fall to 2.9% by the end of 2023, said Chancellor Jeremy Hunt in his Spring Budget, as he unveiled plans for help with fuel bills, childcare costs and pensions.
30 hours of free childcare a week from September 2025
Energy Price Guarantee extended for three months
Fuel duty frozen for 12 months
Pensions: annual tax-free allowance increased by 50% from 40K to 60K and the lifetime allowance to be abolished
House prices have fallen at the sharpest rate in a decade - with £16,000 wiped off the typical home in just six months, figures show.
Property values dropped 1.1 per cent in the year to February, the biggest dip since November 2012, Nationwide Building Society said.
It is the first time annual property prices have declined since June 2020,during the Covid pandemic, when they fell by 0.1 per cent.
New-build homeowners and renters are expected to save £3,000 on gas and electricity from April, compared with those living in more traditional homes, according to the Home Builders Federation.
Around 85% of new build houses and flats have an Energy Performance Certificate rating of A or B, compared with just 4% of existing dwellings.
More than half of homebuyers are now factoring running costs into their purchasing decision.
The HBF is calling on lenders to introduce green mortgages that take into account the energy efficient properties of new homes.
Ministers should scrap stamp duty on residential home purchases to help older people downsize, a think-tank has urged.
Policy Exchange said the £14billion tax stagnates the property market by penalising retirees looking to sell large homes.
Former prime minister Liz Truss cut stamp duty for home buyers in September and Rishi Sunak kept the measure. But Policy Exchange found people are still disincentivised from moving, leaving elderly couples living in partially empty houses. An average home would attract a stamp duty bill of £2,3000 while a £524,000 house - the average in London - would attract a bill of £13,700. Research from buying agency Ludgrove estimated cutting stamp duty by a third would boost property sales by 40 per cent and bring in £1.4billion in tax revenue.
Rachel Maclean has been named as the new housing minister - the 15th since the Tories came into power and the sixth to hold the post in the past 12 months.
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