Housing took a share of the spotlight in Philip Hammond’s first – and last – autumn statement on 23rd November 2016. The main focus was on new homes, with 140,000 properties promised, and a ban on up front lettings fees was announced. This is what you need to know.
A new housing infrastructure fund has been announced with a £2.3bn balance. This will help to provide 100,000 new homes in high-demand areas. It aims to unlock land in areas with the highest prices and demand.
The autumn statement report says that the new fund is “funded by the Northern Powerhouse Investment Fund (NPIF) and allocated to local government on a competitive basis, will provide infrastructure targeted at unlocking new private house building in the areas where housing need is greatest. This will deliver up to 100,000 new homes.”
As well as this, £1.4bn will be spent to build 40,000 extra affordable homes by 2020/21.
“The government will relax restrictions on grant funding to allow providers to deliver a mix of homes for affordable rent and low cost ownership, to meet the housing needs of people in different circumstances and at different stages of their lives,” states the report.
“In early October, the government announced that it would pilot accelerated construction on public sector land, backed by up to £2 billion of funding. To meet this commitment, the government will invest £1.7 billion by 2020-21 through the NPIF to speed up house building on public sector land in England through partnerships with private sector developers.”
Letting Agent fees
Letting agents in England will no longer be able to charge tenants upfront fees. The details and timescale of this is not yet clear as there is likely to be a consultation period, but the Chancellor has said that he wants this to come into force as soon as possible.
The government said this was “to improve competition in the private rental market and give renters greater clarity and control over what they will pay.”
Fees have already been banned in Scotland.
Other key announcements
There was no reference to stamp duty, despite the property industry calling for rates to be lowered after they were raised for second home owners in the Budget 2016.
Edward from Fine and Country has been a pleasure to deal with from our first enquiry to the day we moved into our new home. Edward was knowledgeable, professional and answered all... Read full reviewReview Added: Aug 18th, 2017
Having had a poor, challenging and frustrating experience with another agent, Nigel quickly earned my respect and confidence which was maintained and enhanced with each subsequent... Read full reviewReview Added: Aug 18th, 2017
These are the most honest and helpful Estate Agents. Zara excels at her job, nothing is ever to much trouble. She will always call you back if not available when you call. When as... Read full reviewReview Added: Aug 16th, 2017
We are delighted to review our experience of Fine and Country. Everyone handling the sale has been extremely positive and helpful. They kept us up to date with all that was happe... Read full reviewReview Added: Aug 16th, 2017
4.87 out of 5 - based on 701 customer reviews
Connecting offices on over 300 locations worldwide, our referral system combines local knowledge and expertise with an international network to find the right buyer for you wherever they are, at the same time as finding you your ideal next move
We interact with customers on the main social media channels including Facebook, Twitter, YouTube, LinkedIn, Pinterest and Google+, giving each property maximum online exposure.
*Please, note: for security reasons, the maps on this website do not provide the exact location of the property and they are provided solely as an indication of area.