Autumn Statement and UK Property

Chancellor Hunt has today revealed plans for the economy, businesses and consumers.

The reaction of property professionals to the Government’s new policy plans was rather underwhelming. In particular, the high hopes for rumoured changes to Stamp Duty and other support measures for the UK housing market did not come to any fruition today.

Other measures affecting both the UK rental market and the wider property industry were:

⇨ The Local Housing Allowance is to be increased next year to the 30th percentile of local market rents to help some 1.6m households currently renting in both the private and social housing sectors;

⇨ As regards planning, they plan a consultation on a change to Permitted Development Rights to allow any house to be converted into two flats, so long as there is no change to the external appearance;

⇨ Households located close to new electricity infrastructure (pylons and sub-stations) are to receive up to £1,000 per year off energy bills;

⇨ From 2024, local authorities are to be able to recover the full cost of large-scale planning applications in return for a guaranteed date for a planning decision; and

⇨ Business rates 75 per cent relief have been extended until 2025 for retail, leisure and hospitality sectors.

It would appear the Government has decided to wait until the 2024 Spring Budget for the announcement of any radical changes (which of course brings them closer to the next General Election, when more newsworthy statements will be made).

If you need any further information or legal advice, including conveyancing of a property in England, please contact our designated UKRE team Anna Douglass, Alastair Hargreaves, Caren Vidamour and Naledi Odiseng, who will be delighted to assist.