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Autumn Budget 2017 has some positive news for landlords

Some positive news for landlords in Autumn Budget

By Maurice Shasha  //  Mon 27th November 2017
The Autumn Budget mainly focused on housebuilding and stamp duty breaks for first-time buyers, but there was some good news for landlords.
Though no new measures were announced to immediately help landlords, Chancellor Philip Hammond revealed plans for a consultation to establish how landlords can be incentivised to offer longer-term tenancies.

In an announcement welcomed by many in the industry, the government will consult on 'how we might encourage landlords to offer them [longer tenancies] to those tenants who want the extra security.' This is a positive development, as greater security for tenants in the private rented sector also means greater security for landlords - and fewer voids.

But housebuilding was a priority in this Autumn Budget, and £44 billion in capital funding will go towards the construction of 300,000 new homes each year by the mid-2020s.

The most headline-stealing announcement was the abolition of stamp duty for first-time buyers purchasing properties up to £300,000. This will help few first-time buyers in London or other areas where property prices are high. However, stamp duty will not be due on the first £300,000 for properties worth up to £500,000.

Landlords may also benefit from the government's aim to review rent-a-room relief and how it is used, and the plans to raise income tax brackets.

However, the Chancellor did reveal that local authorities will be given the power to hand out 100% council tax premiums for those who leave properties sitting empty.

But this was a Budget which placed emphasis on the importance of supporting potential first-time buyers to climb onto the property ladder, while the focus on housebuilding and investment will also be welcomed.

For more on the Autumn Budget, click the link below:

BBC News

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