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Posted on November 23rd 2023 by movingin-adm
Tax and Benefit Changes announced to impact housing market
Chancellor Jeremy Hunt has used his Autumn Statement to reveal measures affecting both the rental market and the wider property industry.
The Local Housing Allowance is to be increased next year to the 30th percentile of local market rents, as requested by numerous landlord and lettings agency groups. Hunt says this will help some 1.6m households currently renting in both the private and social housing sectors. It’s the equivalent of some £800 per year per household receiving LHA, he says.
The government-backed 95 per cent Mortgage Guarantee Scheme has been extended until the end of June 2025 – 18 months longer than previously agreed.
On planning, there will be consultation on a change to Permitted Development Rights to allow any house to be converted into two flats, so long as there is no change to the external appearance.
Households close to new electricity infrastructure (pylons and sub-stations) will receive up to £1,000 per year off energy bills.
Additionally, Hunt says that from 2024 local authorities will be able to recover the full cost of large-scale planning applications in return for a guaranteed date for a planning decision.
Business rates 75 per cent relief for retail, hospitality and leisure sectors extended until 2025.
Original article from Letting Agent today
