Today Chancellor Phillip Hammond (image source) just delivered his first Autumn Statement highlighting the government priorities and plans in place in what he described as delivering “a step change in our ambition to increase our supply of homes for sale and for rent.”
Most important for the property market is the reassurance that more investment in creating more homes across the UK has been unveiled. Aside from the £3 billion Home Builders Fund, further £3.7 billion would be invested in creating around 40,000 affordable homes by 2020/21 and in “unlocking lands” for housing in areas of highest demand with the most expensive homes.
Measures to relax planning regulations in order to allow providers to build a wider range of new-build homes have also been announced.
Most remarkably Hammond announced a review into incorporation and tax paid as a result. Some landlords have gone the route of registering as a company to avoid the taxation changes anticipated from April 2017. Although no details were given, this move will probably combat the method to circumvent the new legislation and reinforce restrictions on mortgage interest tax relief being introduced from April 2017. (source)
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