It’s Autumn Statement time of year again folks. As it’s something that property people should really take note of, because it changes the sector regularly, here is the low down on events:
Ban on Letting Agents Fees for Tenants
The first thing that was ‘leaked’ even before the 12:30pm statement was that letting agents are no longer going to be able to charge fees to tenants. The industry seemed to be up in arms about this with David Cox, Managing Director of ARLA calling it ‘draconian’.
I have to say that I think this is an awesome thing. At the moment Letting Agents can charge what they want when a tenant moves into a property. I agree that letting agents should really be only taking a fee from a Landlord as they are the client. This ban, means that it will be easier for renters to get a property and may make the rental sector seem like less of a bad place to be.
Insurance Premium Tax to Increase from 10%-12%
A New £2.3bn Housing Fund…
To provide an extra 100,000 homes in areas with high demand (That’s £23,000 a house!).
Another £1.4bn Fund…
To provide an extra 40,000 affordable houses (That’s £35,000 a house!)
Philip Hammond has got some cost effective builders…
And that’s it, our lot! To be honest the housing sector has really been left alone.
But, I do want to make note of the absolutely diabolical forecast that we are going to be £122bn WORSE OFF than predicted in March until 2021. I mean who gets that wrong?! So they are still going to be going full steam ahead with collecting additional stamp duty and getting rid of interest rate relief… well they have to claw back this money from somewhere!
However, I am excited about all the funding being given to improve public transport. It’s a necessity, the services are so bad. So that is one massive positive.
All in all I don’t have much more to comment apart from am now wondering where I get the land, contractors and materials to build a £35,000 house, because I am in!
What are your thoughts on the statement? Let me know in the comments section below!
NC
