Autumn Statement 2023: Jeremy Hunt, the Chancellor, is shaking things up with changes to stamp duty

Ape finance your mortgage advisor in Birmingham breaks it down!

Before the big Autumn Statement, there was talk about possible cuts in property taxes. They were thinking about changing stamp duty for downsizers and cutting inheritance tax. But if you were hoping for a tax break on your home move, sorry to say, it's not happening.

But in Jeremy Hunt's speech, he talked about "110 growth measures." These include helping people who rent homes privately and making changes to encourage building new houses.

Building Houses:

Jeremy Hunt promised to spend £110 million over the next two years to build new homes. He wants to create good quality places for people to live and hopes to unlock 40,000 homes. He's also putting £32 million into fixing the backlog in planning and creating great new places to live in Cambridge, London, and Leeds. This could mean thousands of new homes. Plus, there's £450 million going to local councils to build 2,400 more homes. Hunt also said there will be a talk about new rules, so a house can be split into two flats if it doesn't change the outside. Builders have been slowing down since the last budget in 2022, and there are challenges like the Help to Buy scheme ending, which gave a lot of money to builders. Also, higher mortgage costs are making it tough for people to afford homes.

Renting:

The amount of money people get from the government to help pay rent is going up. Hunt said they will use the 30th percentile of the local market rents to decide how much help people get. This is because rent is a big cost for people who rent privately and have low incomes. This change is supposed to give 1.6 million households about £800 in support over the next year. Right now, in London, the most you can get from the government to help with rent is about £260 a week for a one-bedroom place, £302 for a two-bedroom, and £354 for a three-bedroom. Letting people get more help with rent should make it easier for them to afford a place to live.

Will these changes help first-time buyers and homeowners who are struggling? Some people think the cuts in taxes will help because it puts more money in people's pockets. But others feel like the government missed a chance to do more for people trying to buy or own homes. It's a waiting game to see what happens next.

Speak to us regarding your mortgage and property plans to see how we can help you. your mortgage advisor is waiting.

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