Autumn Statement - Chancellor Focuses On Housing

Thu 01 Dec 2016

There was a significant focus on housing in Chancellor Hammond's Autumn Statement last week. For us as a business, the biggest news was the proposal to scrap tenant letting fees - you can read our take on this in our blog post here.

Hammond clearly sees housing and house building as a major driver in re-building our economy, and as such has pledged to provide housing across all range of tenures, which we certainly welcome.There is undoubtedly a greater focus on affordable homes and less so on home ownership on this occasion. An additional £1.4bn has been made available to build 40,000 homes for affordable rent, together with a more flexible use of existing funding to allow providers to build a greater mix of affordable housing across a variety of tenures.
A new housing infrastructure fund was also announced, pledged £2.3bn to help build 100,000 homes in areas of high demand, where the need is the greatest.
We were disappointed there was no mention of the Stamp Duty, with the property industry hoping for a reversal or reduction in the additional tax put on second home owners earlier this year. 
We will, however see a new Housing White Paper coming from DCLG in 2017 and see what this may bring with it.

"Been a tenant with Lovetts for the past five years In two different flats and always found them to be really helpful and friendly. Any repairs I had were always dealt with quickly. Only moving as being relocated with work."
Paul S

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