Property and the Autumn Statement 2016
4 top policies affecting property from the new Chancellor Philip Hammond’s Autumn Statement
- Ban on lettings agency fees to tenants in England and Wales. The policy is to be implemented as soon as possible.
- More money for the housing infrastructure: a £2.3bn Housing Infrastructure Fund to support up to 100,000 new-build homes.
- Additional funds for affordable homes in London: a £3.15 billion fund for 90,000 new houses in London.
- There is no reversal of stamp duty charges for second homes or on cuts to mortgage tax relief, as hoped by the industry.
First reactions from the industry insiders regarding the lettings agency fees ban:
“If fees are banned, the costs will be passed onto landlords, who will need to recoup them elsewhere, invariably through higher rents. So, this will end up most hurting the very people the Government intends on helping.” – David Cox, managing direct at the Association of Residential Lettings Agents (ARLA).
For the full Autumn Statement 2016 click here
To find out more about Property Sisters’ Letting Fees click here