Autumn Statement and the Property Market: What You Need to Know

In an eagerly awaited announcement on 22^nd November, Chancellor Jeremy Hunt revealed a series of changes that will have a positive impact on various sectors of the Surrey, Hampshire and Berkshire property market. While not revolutionary, these updates are set to benefit private renters, landlords, and first-time buyers.

The team at Waterfords, your expert estate agent in Camberley, Chobham, Fleet and Yateley, talk you through the main points you need to know about the recent Autumn Statement in this article.

Local Housing Allowance

One major change is the increase in the Local Housing Allowance (LHA). From next year, the LHA will cover the 30th percentile of local rental market rents. This adjustment, long advocated for by landlord and lettings agency groups, aims to assist around 1.6 million households in both private and social housing sectors. The impact is substantial, with each household receiving LHA seeing an annual increase of around £800, helping to cover rising rental costs.

95% Mortgage Guarantee Scheme

The government's commitment to supporting first-time buyers is also evident in the extension of the 95% Mortgage Guarantee Scheme. Originally set to expire earlier, the scheme will now continue until the end of June 2025, providing an additional 18 months of support. This extension is a strategic move to strengthen the property market and help those looking to take their first step on the property ladder.

Relaxed Planning Rules

The government also committed to relaxing planning rules and spending more money on building new homes, with £110 million to be invested in schemes which could support the building of 40,000 more homes.

In addition, there are proposed changes in planning regulations that could have a significant impact. The government is considering allowing the conversion of any house into two flats without altering the external appearance, through a shift in Permitted Development Rights. This potential change opens up exciting new opportunities for property development and offers more flexibility in housing options.

Cuts To National Insurance

Lastly, the decrease in national insurance contributions will provide a welcome boost to everyone's disposable income. This will have a small, yet positive, impact on buyers' affordability, which has been stretched due to recent increases in interest rates.

Cuts to employee National Insurance from 12% to 10% will save the average earner £450 per year. Reductions to National Insurance for the self-employed have also been announced, affecting an estimated 39% of landlords with five or more properties.

An Estate Agent You Can Trust

During times of instability in the property market, it’s important to work with an estate agent you can trust. Waterfords has been your trusted, local estate agent in Camberley, Chobham, Fleet and Yateley since 1995. We have vast experience of getting the best possible price for our sellers and landlords in the local area.

Call our team for a friendly chat about your property requirements, with no pressure from us to sell or let your home. When the time comes to move home, we will be with you every step of the way, aiming to take as much stress out of the process for you as possible.

We look forward to helping you on your moving journey.


Contact your local branch:

Camberley: 01276 66566

Chobham: 01276 858589

Fleet: 01252 623333

Yateley: 01252 870222
 

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