Autumn Budget 2023: 7 Key Takeaways

23rd November 2023

The Chancellor, Jeremy Hunt, unveiled the Autumn Statement 2023, presenting over 110 measures to boost the British economy. Here are seven key takeaways for landlords…

1. Local Housing Allowance Boost

  • Significant Increase: The Local Housing Allowance will cover at least 30% of local market rents, benefiting 1.6 million households.
  • Financial Relief: Renters could receive over £450 extra monthly, easing the burden of rental costs.

2. Tax Cuts for Self-Employed Landlords

Impactful Cuts: Around two million self-employed individuals, including landlords, to save up to £350 with the abolition of class 2 national insurance and reduced class 4 contributions.

3. Support for Homebuilding

  • Investment Commitment: The government allocates £110 million for nutrient mitigation schemes, potentially leading to 40,000 new homes.
  • Addressing Demand: With tenant demand rising, this move aims to alleviate the scarcity of rental properties.

4. Opportunities for Property Developers

  • Permitted Development Right: Consultation on converting homes into two flats, boosting opportunities for property developers.
  • Premium Planning Services: Homebuilders to benefit from accelerated decision dates and fee refunds.

5. Business Rate Relief for Smaller Agencies

  • Multiplier Freeze: Small business multiplier frozen for another year, providing financial relief for smaller agencies.
  • Impact on Independent Shops: Independent high street agencies to save over £20,000 annually.

6. Higher Wages

  • National Living Wage Increase: Almost 10% hike, from £10.42 to £11.44 per hour, benefiting over 2.7 million workers.
  • Impact on Affordability: Potential influence on tenant affordability in the rental sector.

7. Consolidation of Pensions

  • ‘One Pension Pot for Life’: Measures introduced to consolidate pensions, simplifying the process for savers.
  • Triple Lock Commitment: Full state pension increases by up to £221.20 weekly.

Curious about the impact of this autumn statement on your investments? Connect with Syd, our Business Development Consultant, today to explore how Coapt can safeguard your best interests.

Syd Wilson

Business Development Consultant

01273 645797 Extension: 2005