Autumn Statement
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Latest property news
Autumn Budget 2021: Business rates help revealed as Sunak boosts high street
But property industry is waiting to see if it will be included in measures announced by Chancellor today in his Autumn budget.
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Latest property news
Autumn Statement: 40,000 new homes promised
40,000 new homes on their way – that was a good start to The Chancellor’s Autumn Statement. The Government has, again, increased its drive for more affordable housing to help to address what he described as a chronic shortage. The Chancellor echoed the pledge by Theresa May, the Prime Minister, to ensure the economy “works for everyone.” Philip Hammond said that the Government had made great efforts but now must go even further, announcing a further £1.4bn funding injection to help thousands more families to buy a home. The Government says that 40,000 new homes will be built as a result of the funding injection, which, with the Help to Buy Equity Loan Scheme and the Help to Buy ISA, will be used to help first-time buyers, sharing owners who wish to move on. He said that they will abandon the rigid framework set by the current Affordable Homes Programme, with the £4.3bn of current and £1.4bn of additional funding allocated “flexibly” between existing shared ownership and affordable rent schemes. Previous plans indicated that 88pc of funds would be used to build at least 135,000 homes for shared ownership, which are targeted at families with incomes of £80,000 or less,…
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Autumn Statement: Hammond confirms letting fees ban
As expected Chancellor of the Exchequer Philip Hammond has announced this lunchtime in his Autumn Statement that letting fees for tenants are to be banned outright “to improve competition in the private rental market and give renters greater clarity and control over what they will pay,” he said. David Cox, MD of ARLA, disagrees: “A ban on letting agent fees is a draconian measure, and will have a profoundly negative impact on the rental market. It will be the fourth assault on the sector in just over a year, and do little to help cash-poor renters save enough to get on the housing ladder. This decision is a crowd-pleaser, which will not help renters in the long-term. All of the implications need to be taken into account. A ban on letting agent fees is a draconian measure, and will have a profoundly negative impact on the rental market.’ “Most letting agents do not profit from fees. Our research shows that the average fee charged by ARLA licenced agents is £202 per tenant, which we think is fair, reasonable and far from exploitative for the service tenants receive.” The ban that been on the cards for months and according to Isobel…
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