Autumn Statement – Impact on Property

The following came out of the Autumn statement yesterday:

  • The ban on upfront fees imposed on tenants by letting agents in England and Wales. Scotland has already banned these fees.
  • The announcement that the Land Registry is to remain in the public sector.
  • The announcement that the government is to publish a Housing White Paper setting out its plans for reforms to increase housing supply and halt the decline in housing affordability.
  • £1.4 billion to assist delivery of 40,000 new affordable homes in England and Wales and a further £3.15 million to the Greater London Authority to deliver 90,000 affordable homes in London.
  • £2.3 billion for a housing infrastructure fund to support the building of 100,000 new homes in high demand areas.
  • The creation of a National Productivity Investment Fund to provide major investment in, amongst other things, transport and housing.

The announcement of the ban on fees charged by letting agents in England and Wales is seen by many as another blow to estate agents and landlords. Whilst making landlords responsible for such fees may improve competition, there is concern that it will merely result in a rent increase for tenants as landlords seek to recover the cost.

Contact me for more details should you wish to discuss any of the above issues.

Source: Practical Law