View from the House: Helping young people get on in life
PUBLISHED: 08:00 17 December 2017
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I’m really pleased the November Budget contained several measures which are designed to help young people achieve the goal of becoming homeowners.
From the day of the Budget, the price at which a property becomes liable for Stamp Duty rose to £300,000 for first-time buyers.
The average price of a first time buyer property in Chingford & Woodford Green is around £300,000, so this means a saving of £5,000 for people buying their first home at that figure. This means an estimated 80 per cent of first-time buyers will pay no Stamp Duty at all.
The government also decided that people aged up to 30 will now be able to buy a £30 railcard for discounted train travel.
This railcard will allow discounts of up to 1/3 on travel until the age of 30.
To make sure work pays and families and young people can keep more of what they earn, the government will also be increasing the Personal Allowance, that is the point at which people start paying Income Tax to £11,850 from April 2018. As a result of this, a typical basic rate tax payer will be £1,075 a year better off compared with 2010.
The National Living Wage will rise 4.4pc from £7.50 an hour to £7.83 from that date.
This will mean that since its introduction the National Living Wage has delivered a £2,000 pay rise for the lowest paid.
I hope you will recognise that where possible, the government is helping people to get on in life and through measures like this, focusing much of that effort on young people to help them get on in life.