Waterfords reaction to Autumn Statement

Waterfords reacts to key announcements on housing from the Autumn Statement

As chancellor George Osborne’s Autumn Statement unveils the “biggest house-building plan of any Government since the 1970s”, estate agents, Waterfords, says the market needs more short-term solutions, as well as those that build for the future.

Is response to news that investors in property will face higher stamp duty on buy-to-let and second homes, Brendan Cox, Managing Director of Waterfords says:

“Buy-to-let landlords have already been delivered the blow of lower rate tax relief on mortgage payments from 2017, so to add a further 3% surcharge on stamp duty charged for a second home or buy to let property, is not good news for the market.  Whilst there is a notable shortage of homes available to buy, the demand and supply imbalance is also visible across the rental sector.  Instruction levels are already at growing odds with rising demand, so in my view, deterring investment in property will ultimately lead to less private sector rental stock.  In turn, this will put further upward pressure on rents and make life even tougher for tenants financially.”

In response to announcements that the government will double the housing budget from 2018 to 2019 to deliver at least 400,000 affordable homes; including 200,000 Starter Homes, 135,000 new Help to Buy Shared Ownership homes and 10,000 Rent to Buy homes, Mr Cox says:

“Naturally, anything which supports people getting onto the housing ladder is great for the market and the economy. However, the market needs action now, and I am struggling to see how this will solve any problems in the short term with stock. Yes, this will encourage a greater number of first time buyers, who are essentially the life-blood of the market, but they will be buying new homes, therefore that’s where the chain ends. There will be no domino effect further up the market unless incentives are offered to buy ‘re-sale properties’.

Longer term, however, could be a different story as these new entrants to the market will sell on their houses in years to come.  One school of thought is, if there is going to be a flood of new starter homes coming to the market,  it could have a calming effect on prices, particularly the lower end of the market.”

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News


Daily bite-sized proptech and property news in partnership with Proptech-X.   MyIdentity selects Armalytix to create a proof-of-wealth solution for the property market Armalytix, the open banking technology platform which streamlines the collection of data for the professional and financial services industries, has been selected to be an attribute provider for the government-backed MyIdentity scheme,…
Read More
Software & Tech

The Future Of Healthcare Technology

As researchers, innovators and legislators work to improve access, effectiveness, cost, and accessibility of healthcare, the future of healthcare technology is in flux. Healthcare innovation is a key battle in the fight for human longevity. Here we will discuss the leading medical technologies in HIE software that are leading the way towards a brighter future.…
Read More
5 Great Property Management Software in the UK
Letting Agent Talk

Five of the Best Property Management Software for Landlords

Being a successful landlord requires a good relationship with your tenant, ultimately you want your property to be treated well, get paid on time and build long term relationships. Management of property has come a long way in recent years especially since the internet and certainly thanks to management software and apps. Today there are…
Read More
how to present your property for sale
Letting Agent Talk


Recent research reveals there has been an exponential rise in disrepair claims over the past five years, with more than £55.1m paid out across 70 English councils that own their own stock. (Source: Inside Housing, February 2022). Legal costs nearly doubled between 2017-18 and 2020-2021, while the number of cases increased by 132%. Of the…
Read More
Breaking News


Daily bite-sized proptech and property news in partnership with Proptech-X.   PRESS RELEASE: BriefYourMarket partnerships take lead generation to next level Generating and nurturing leads is the backbone of estate agency. According to Richard Combellack, Chief Commercial Officer at BriefYourMarket, this is exactly what BriefYourMarket is about, finding and nurturing new leads via a variety…
Read More
Home and Living

5 Gas Safety Tips to Keep You Safe at Home

Houses with safety hazards are not desirable, since they endanger the lives of their occupants. The value of your home diminishes if you’re your house and property are damaged, including gas appliances. Therefore, all owners, landlords, and tenants have a responsibility to have the appliances they own tested for functionality. Check all of your household…
Read More