Autumn Statement 2016 – Other Property relevant announcements

by Property 118

13:28 PM, 23rd November 2016
About 2 years ago

Autumn Statement 2016 – Other Property relevant announcements

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Autumn Statement 2016 – Other Property relevant announcements

Other budget news– The Chancellor Philip Hammond has announced that £1.4bn will be made available aimed at delivering 40,000 new affordable homes in England to help confront the housing challenge in the UK.

– The government will provide a £2.3bn housing infrastructure fund to release land available for building 100,00 new homes in high demand areas.

– Insurance Premium Tax (IPT) will increase from 10% to 12% in June, thus increasing directly the cost of Landlords insurance and all other property related insurances.

– Right to buy for housing association tenants planned

– The government has also abandon planned cuts to Universal Credit, due to come into force in April 2017.  The Changes to Universal Credit (the single payment being rolled out across the UK) will reduce the Taper Rate from 65% to 63% so benefits will now be withdrawn at a rate of 63p for every pound of net earnings.

– National Living Wage minimum will increase to £7.50 from £7.20 next April.

Mark Hayward, Managing Director, National Association of Estate Agents (NAEA), comments on the new measures to boost house building expected to be announced in the Autumn Statement:

“We welcome the news that the Chancellor is set to announce a £1.4 billion funding injection for house building, while a relaxation of how existing affordable housing funding can be used will help to diversify our housing mix, creating the homes that people want and need.

“However, the creation of 40,000 new homes that this new funding is expected to deliver is still painfully short of the number of affordable homes we need to solve the housing crisis and get first time buyers on the housing ladder. We hope that the Government will announce an intent to do much more when it releases a widely expected White Paper at the Autumn Statement today. It is vital that the Government uses this to signal a radical rethink in its housing strategy and consider measures such as building homes on unused Green Belt land to really kick start the house building boom we badly need.”



Comments

Gary Dully

14:15 PM, 23rd November 2016
About 2 years ago

Er, I know that this chancellor has supposedly got some sort of accountancy qualification, in which case I wonder who is doing his sums?

44,000 new "Affordable" homes for £1,400,000,000 is £35,000 per unit - so I assume that these houses are built from galvanised tin, sheepskin and mud.

Perhaps they intend stealing land from the outer Hebrides to build them on?

Can I buy some brand new affordable housing for £35,000 per unit? - because there wont be any SDLT tax to pay.

Why not let the PRS refurbish clapped out units with a £35,000 grant each?

Michael Barnes

21:25 PM, 23rd November 2016
About 2 years ago

Reply to the comment left by "Gary Dully" at "23/11/2016 - 14:15":

My take on the numbers is "Why is the tax-payer subsidising a select few home buyers to the tune of £35,000 each?"

Appalled Landlord

23:13 PM, 26th November 2016
About 2 years ago

Reply to the comment left by "Gary Dully" at "23/11/2016 - 14:15":

That’s a bargain. The green Green Party would have paid 60 grand each for half a million units out of disallowing mortgage interest relief. https://www.youtube.com/watch?v=qrZzimj3UXg

Rachel Hodge

23:24 PM, 26th November 2016
About 2 years ago

Reply to the comment left by "Gary Dully" at "23/11/2016 - 14:15":

http://www.telegraph.co.uk/business/2016/02/23/legal--general-pumping-55m-into-pre-fabricated-homes-to-stem-the/

Legal & General pumping £55m into pre-fabricated homes to stem the housing crisis

Any guesses as to the rough build-cost of a 2 bed modular house?


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