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.
In my opinion, we were indeed fortunate to appoint Haydn van Weenan to handle the sale of our house in Buckinghamshire; it was our intention to purchase in Yorkshire to join our fa... Read full reviewReview Added: Feb 25th, 2018
All staff at the Cheam branch were extremely helpful and professional at all times. I dealt mainly with Adrian and Jane but also with Katarina all of whom were always ready to assi... Read full reviewReview Added: Feb 25th, 2018
Conscientious service with great attention to detail would not hesitate to strongly recommend Chris and his team at Fine & Country Berkhamsted Read full reviewReview Added: Feb 25th, 2018
We used Haydn van Weenen to sell our property. The service was impressive from start to finish. Our property was sold very smoothly and quickly thanks to the highly professional te... Read full reviewReview Added: Feb 25th, 2018
4.88 out of 5 - based on 840 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.