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Autumn Statement, a further blow to the letting’s industry

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Published: 29/11/2016   Last Updated: 29/11/2016  
Tags: Autumn Statement A Further Blow To The Lettings Industry

Philip Hammond delivered his Autumn Statement this week, announcing a ban on all letting fees to be introduced as soon as possible, he also promised to invest more money into new homes - £2.3bn of investment, which would amount to around another 100,000 homes being built in areas with high demand, as well as an investment of £1.4bn for 40,000 more homes.He also stated that he would bring in a pilot scheme giving housing association tenants the right to buy their own homes.

Before the Autumn Statement was announced property experts Estate Agency Today created a ‘wish list’ for estate agents that included mortgage relief interest, greater support for SME developers, and a reduction in capital gains tax. However the statement delivered none of this. There was also some optimism that recent changes to stamp duty for investment properties introduced by the former Chancellor which came into effect in April would be dropped, however no concessions on this were made by the new Chancellor either.

The private landlord plays an important part in the UK, providing accommodation for those people who cannot afford to buy their own homes, without them it could add to the housing crisis. One of the problems of taking away fees from letting agents is that less investment will result in a reduction in service quality.

If you are concerned about the latest changes announced in the Autumn Statement and would like to discuss them with our team why not give us a call on 0208 946 1000.