What does the Statement mean for buy-to-let?

What does the Autumn Statement mean for me?

It's been an interesting day in the property world, with George Osbourne's Autumn Statement and Spending Review 2015 providing plenty of ups and downs!

However, now the dust has settled, what does it all really mean, and how does it translate into the real world?

Whether you're a landlord or a tenant, a seller or a buyer, we've broken the main property points of the Autumn Statement down so you can see exactly what it means for you.

For landlords

  • Stamp duty on buy-to-lets will be 3% higher than residential from April 2016.
  • Councils will be allowed to increase council tax by 2% on the basis that the extra revenue is spent on social care.
  • The Midlands is creating jobs three times faster than London and South-East, although the South-West of England has highest employment rate. There’s a forecast of one million more jobs to be created over the next five years so consider these locations if you're looking to invest!
  • Predicted cuts on Tax Credits are not going to take place, one of the more popular moves across the board.
  • Housing benefit will be capped at relevant local housing allowance on new tenancies only.
  • People who leave the country for more than a month will lose housing benefit, something to be aware of when you are advertising for tenants - if your tenant is reliant on housing benefits, make sure they are planning to remain in the UK.
  • £2 billion has been set aside in the public spending budget to protect 300,000 UK houses from flooding.
  • Planning reforms will see the release of brownfield sites, and the reclassification of some greenbelt to allow for the construction of thousands of new starter homes across the UK.

For renters

  • Councils will be allowed to increase council tax by 2% on the basis that the extra revenue is spent on social care.
  • Predicted cuts on Tax Credits are not going to take place, one of the more popular moves across the board.
  • Housing benefit will be capped at relevant local housing allowance on new tenancies only.
  • People who leave the country for more than a month will lose housing benefit - make sure if you are looking to take on a property with the assistance of housing benefit you have no plans to leave the country for more than a month.
  • £2 billion has been set aside in the public spending budget to protect 300,000 UK houses from flooding.
  • 400,000 affordable new homes are being built across the country, to buy and to rent.
  • The Right to Buy Scheme for housing association tenants to buy their home is being extended. From midnight tonight, tenants from five housing associations will be able to start the process of buying their own home.

For buyers

  • Councils will be allowed to increase council tax by 2% on the basis that the extra revenue is spent on social care.
  • Predicted cuts on Tax Credits are not going to take place, one of the more popular moves across the board.
  • £2 billion has been set aside in the public spending budget to protect 300,000 UK houses from flooding.
  • £2.3 billion has been set aside to build 400,000 affordable new homes to buy and to rent - half being starter homes sold at 20% below market value to first-time buyers
  • 135,000 Help to Buy shared ownership with many restrictions removed including who to sell to.
  • Planning reforms will see the release of brownfield sites, and the reclassification of some greenbelt to allow for the construction of thousands of new starter homes across the UK

For sellers

  • Councils will be allowed to increase council tax by 2% on the basis that the extra revenue is spent on social care.
  • The Midlands is creating jobs three times faster than London and South-East, although the South-West of England has highest employment rate. There’s a forecast of one million more jobs to be created over the next five years.
  • Predicted cuts on Tax Credits are not going to take place, one of the more popular moves across the board.
  • From 2019 Capital Gains Tax to be paid within 30 days of a property disposal.
  • £2 billion has been set aside in the public spending budget to protect 300,000 UK houses from flooding

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