Autumn Budget Statement – What’s in it for Housing?

November 23, 2016

Later today the Chancellor Philip Hammond will deliver his Autumn Budget Statement to the House of Commons, it will be the first for the new Chancellor and Prime Minister Theresa May.

Some experts are expecting a possible cut in stamp duty on house purchase to help regenerate the housing market which appears to have slowed slightly since the Brexit vote, there is a chance that Hammond may remove the private rented sector from the stamp duty premium charge. A campaign by The Telegraph has been calling upon Philip Hammond to review the stamp duty system, according to a report from them it has recently had the backing for it from chief executive of haart, Paul Smith.

Help to Buy was extended from 2020 to 2021 last year, an extension of this scheme by one or more years would be very welcome by housebuilders, especially Persimmon who can attribute half their sales to the equity loan scheme.

House building should figure strongly and it is reported the possibility of a ban on fees from letting agents to tenants will be announced, however such a ban would go against what the Housing Minister Gavin Barwell MP mentioned in one of his tweets recently, he remarked that banning letting fees would be a ‘bad idea’.

An update on the Autumn Statement and how it will affect housing will be posted on our ‘Breaking News’ either later today or first thing tomorrow.

 

 

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