Autumn statement

In summary, there wasn’t much for housing – to make it easier to move or encourage more people to move. To make homes greener or to build more social housing. Little to help tenants or to encourage landlords & nothing new for those facing steep rises in mortgage costs.

There are some proposed changes to Permitted Development which would allow the conversion of a house into two dwellings so long as the outside of the property isn’t changed.

There is money to help lubricated the planning system to get more homes built with £32m in extra funding across housing and planning for local councils and fee refund promises if deadlines are not met.

Chancellor Hunt announced an extended freeze on business rates for small businesses, as he delivered his Autumn Statement.

The ‘small business multiplier’ will be frozen for another year. Many independent and franchise high street estate & letting agents will fall into the category of small businesses, so will benefit from the Chancellor’s announcement.

Depressing forecast from the OBR published at the same time suggests that the impact of higher rates won’t fully feed through for another four years, by which point the average UK mortgage rate people pay will peak at 5%. Back in March it forecast peak mortgage would be around 4%, now it’s for nearly 1% higher.

On prices the Office for Budget Responsibility now expects prices to fall 7.6% in nominal terms from Q4 2022 to Q4 2024 (vs -10% in March) and then to start rising again.

One bright spot – there was no Stamp Duty gimmick to distort the market.

A ‘blink-and-you-missed-it’ statement as far as property is concerned. A Statement designed for a General Election.