The Chancellor’s Autumn Statement always has an impact on property – but what will the changes in Autumn 2016 mean for you and your home? Whether you’re planning to buy your first house, are a landlord or are investing in property for retirement, we’ve reviewed the main points for you
£1.4 billion is being set aside to deliver 40,000 affordable homes.
This will be a boost to house building, but some have argued that this doesn’t go far enough to soothe the housing crisis.
Mark Hayward, managing director of the National Association of Estate Agents says "The measures announced to boost house-building go some way to making the housing market work for everyone, but quite frankly do not go far enough."
There will also be a £2.3 billion housing infrastructure fund
Details on this fund are sketchy at present, but it is intended to help provide 100,000 new homes in high-demand areas.
Letting agents' fees to be banned in England and Wales "as soon as possible".
Although this announcement has been welcomed by renters up and down the country, landlords and estate agents have countered that these fees are necessary, and will just be passed on to tenants in the form of higher rents.
However, it is also interesting to note that Scotland banned the Letting Agents fees in 2012 and has experienced no impact on rental figures.
There was no reversal of stamp duty charges for second homes. As Homes and Property have stated “Following April's stamp duty increases and the announcement of cuts to mortgage relief for rented properties, there has been a decline in the number of landlords buying investment properties.”
Whether this is good news because it means that more people are buying homes, or bad news as people have a limited market for rental properties, remains to be seen.
BuyAssociation says this of the Autumn Statement –“Whilst forecasts give grim pictures for a future in which property investment will be under constant attack (i.e. a potential £10bn shortfall in London’s property market due to a stamp duty rise), for now the Government seems unwilling to change its agenda…. the details (and time) are really the only indicators able to tell us whether Philip Hammond’s decisions will actually improve the country’s property market.”
What are your views? Let us know!