Chancellors’s Spring Statement – Landlord Summary
The Chancellor Philip Hammond has delivered his Spring Statement today. This was not expected to be a significant fiscal event especially given the lack of clarity regarding exiting the European Union.
There was no news regarding any support for landlords in the areas of mortgage interest relief, Stamp Duty, Allowable deductions or regulation. However, on past performance probably putting down no news as good news was the best that could be hoped for.
The Chancellor pledged a new £3bn “Affordable Homes Guarantee scheme”, aimed at supporting delivery of around 30,000 affordable homes per annum by the mid 2020s.
Approximately 220,000 were built last year and with the £44bn housing program previously announced it is expected 300,000 new home per annum will be built by the mid 2020s.
On the general economy the Chancellor said that public finances continued to improve with borrowing this year reduced to 1.1% of GDP which was £3bn lower than forecast.
The OBR forecast GDP growth of 1.2% this year (revised down from a previous 1.6%) followed by 1.4% growth in 2020 and 1.6% for the 3 years after.
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How do I minimise my losses?
Member Since May 2016 - Comments: 1570 - Articles: 16
7:21 PM, 13th March 2019, About 7 years ago
What has the PRS come to, if Landlords think they’ve got off lightly if they haven’t had a kicking !
Member Since February 2011 - Comments: 3453 - Articles: 286
10:30 AM, 14th March 2019, About 7 years ago
Phil Spencer of Location Location said of the statement:
“Any boon to Britain’s chronic housing shortage is, of course, not to be sniffed at, but the chancellor’s plans simply do not go far enough.
“Britain needs a long-term, apolitical and impartial plan to build the homes we so desperately need and not short-term soundbites to keep prospective voters happy.
“Sorting out Britain’s housing crisis will not be a quick fix and certainly won’t be accomplished over any one government’s time in power.
“It’s time that housing experts were brought into the process of developing a strategic house building plan one that can’t be with tinkered with for the purpose of gaining votes every time a general election is on the horizon.”