Sun 26 Nov 2023
The Autumn Statement 2023 has brought forth a wave of changes, promising support and reforms for both renters and homeowners alike in Epsom and throughout the United Kingdom. Here's a breakdown of the key announcements:
1. Support for Low-Income Renters: In a bid to alleviate the burden on low-income renters, the Chancellor has raised the Local Housing Allowance to cover the lower 30% of rents. This impactful move is set to provide an average support of £800 to 1.6 million households, offering a significant boost to those in need.
2. National Insurance Cuts: Employees can celebrate as National Insurance rates have been reduced from 12% to 10%. This translates to an annual saving of £450 for the average earner. Additionally, self-employed individuals with five or more properties will also benefit from reduced National Insurance, positively impacting an estimated 39% of landlords.
3. Housing Expansion Initiatives: The government is taking bold steps to address the housing shortage by committing £110 million to schemes aimed at relaxing planning rules and building new homes. This investment is projected to support the construction of 40,000 additional homes, offering a glimmer of hope for those in search of affordable housing solutions.
4. Market Predictions by the OBR: The Office for Budget Responsibility (OBR) has adjusted its predictions for the UK housing market. House prices are expected to experience a 4.7% decrease in 2024, following a 0.9% increase this year. These projections provide valuable insights for both potential buyers and sellers navigating the ever-changing real estate landscape.
Source: #Dataloft, UK Government, Office for Budget Responsibility Nov 2023, 2021 English Private Landlord survey.