How today’s budget affects the Property Market

October 27, 2021Categories: Selling, Landlords, Buying, Tenants
Piggy Bank - iStock

The Chancellor, Rishi Sunak, has delivered his Autumn budget and whilst the focus was ‘preparing for a new economy after the pandemic’ there were a couple of announcements made that relate to the housing market:

  • There will be £11.5bn set aside to build up to 180,000 new affordable homes – built on brown-field land, part of a £24bn investment for a ‘multi-year housing settlement’
  • To help remove unsafe cladding from the highest risk buildings, a levy will be imposed on developers, partly funded by the Residential Property Developers Tax which is due to be introduced from April 2022. This will be levied on developers with profits over £25m at a rate of 4% and aims to create £5bn for the renovations.  

We’ll be monitoring progress following the announcements and ensure we follow developments within the property market generally – ensuring, as always, that Your Move (and our teams) are armed with all the latest and most up to date information to help you; whatever your property related needs may be.