AUTUMN STATEMENT 2023

News at Ware & Co | 27/11/2023

  • In the Autumn Statement, the Chancellor announced support for low-income renters by raising the Local Housing Allowance to cover the lower 30% of rents. This will give 1.6 million households an average of £800 of support.
  • Cuts to employee National Insurance from 12% to 10% will save the average earner £450 per year. Reductions to National Insurance for the self-employed have also been announced, affecting an estimated 39% of landlords with five or more properties.
  • The government also committed to relaxing planning rules and spending more money on building new homes, with £110 million to be invested in schemes which could support the building of 40,000 more homes.
  • The OBR has adjusted its predictions for UK house price growth and mortgage rates. Prices are expected to fall by 4.7% in 2024, following a 0.9% increase this year.
 
Source: #Dataloft, UK Government, Office for Budget Responsibility Nov 2023, 2021 English Private Landlord survey

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