{"id":9758,"date":"2022-12-01T09:18:43","date_gmt":"2022-12-01T09:18:43","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/12\/01\/residential-property-review-november-2022\/"},"modified":"2022-12-01T12:17:21","modified_gmt":"2022-12-01T12:17:21","slug":"residential-property-review-november-2022","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/12\/01\/residential-property-review-november-2022\/","title":{"rendered":"Residential Property Review – November 2022"},"content":{"rendered":"
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More Stamp Duty changes in Autumn Statement<\/strong><\/p>\n<\/div>\n\n

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Chancellor Jeremy Hunt\u2019s Autumn Statement on 17 November\nleft housing out of the limelight, though it did include a commitment to keep\nthe Stamp Duty Land Tax (SDLT) changes announced in the \u2018mini-budget\u2019 \u2013 for\nnow.<\/strong><\/p>\n<\/div>\n\n

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In September, then-Chancellor Kwasi Kwarteng increased the\nnil-rate threshold of SDLT to \u00a3250,000 (previously \u00a3125,000) for residential\nproperty in England and Northern Ireland. First-time buyers (FTBs), it was\nannounced, could spend \u00a3425,000 (previously \u00a3300,000) without paying a penny in\ntax.<\/p>\n<\/div>\n\n

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Moreover, FTBs also benefited from an increased maximum\npurchase price of \u00a3625,000 for which First Time Buyers\u2019 Relief could be\nclaimed, up from \u00a3500,000.<\/p>\n<\/div>\n\n

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In his Autumn Statement, Mr Hunt confirmed that he will\nuphold these changes \u2013 but only until March 2025. Originally, the changes had\nbeen implemented on a permanent basis.<\/p>\n<\/div>\n\n

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Elsewhere in the Autumn Statement, rent increases in the\nsocial housing sector will be capped at 7% in the next financial year. In\ntotal, Mr Hunt announced around \u00a355bn in spending cuts and tax rises.<\/p>\n<\/div>\n\n

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Hesitant FTBs put the brakes on<\/strong><\/p>\n<\/div>\n\n

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Higher mortgage costs have caused many prospective buyers\nto put the brakes on their house purchase, with those buying their first home the\nworst impacted.<\/strong><\/p>\n<\/div>\n\n

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Buyer demand fell by 20% in October compared to a year earlier,\naccording to Rightmove, with soaring borrowing costs and rising economic\nuncertainty the key drivers. FTBs were the most hesitant, with demand down 26%\nin the month.<\/p>\n<\/div>\n\n

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FTBs have lost another motivation to buy since the end of\nthe Help to Buy Equity Loan scheme. The scheme, which was set up to help FTBs\npurchase a home in England, has now closed to new applications; all homes\npurchased via the scheme will need to have completed by the end of March 2023.<\/p>\n<\/div>\n\n

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Help remains for FTBs, however, including the Lifetime ISA,\nwhich adds a government bonus of 25% onto savings up to \u00a34,000 each year. The\nHelp to Buy ISA, meanwhile, has closed for new applicants, though anyone with\nan existing account can still add up to \u00a3200 per month until November 2029.<\/p>\n<\/div>\n\n

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A quarter of landlords plan to sell <\/strong><\/p>\n<\/div>\n\n

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More than one in four landlords is thinking about selling\nproperties, according to a new survey that reveals the extent of discontent in\nthe sector.<\/strong><\/p>\n<\/div>\n\n

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In recent years, landlords have had to deal with a variety\nof regulatory and tax changes, as well as stricter Energy Performance\nCertificate (EPC) requirements.In response, 39% of buy-to-let investors\nnow plan to put rents up.<\/p>\n<\/div>\n\n

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Donna Hopton, Director at cherry, which carried out the research, noted that, during recent market turbulence, buy-to-let investors have \u201carguably been hit hardest\u201d. <\/em>Despite this, she said, \u201cthere are also millions of landlords who remain committed to the market, and it\u2019s a market of continued demand from tenants and rising rents, so there will be plenty of opportunity for property investors.\u201d<\/em><\/p>\n<\/div>\n\n

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It is important to take professional advice before making any\ndecision relating to your personal finances. Information within this document\nis based on our current understanding and can be subject to change without\nnotice and the accuracy and completeness of the information cannot be\nguaranteed. It does not provide individual tailored investment advice and is\nfor guidance only. Some rules may vary in different parts of the UK. We cannot\nassume legal liability for any errors or omissions it might contain. Levels and\nbases of, and reliefs from, taxation are those currently applying or proposed\nand are subject to change; their value depends on the individual circumstances\nof the investor. No part of this document may be reproduced in any manner\nwithout prior permission.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

More Stamp Duty changes in Autumn Statement Chancellor Jeremy Hunt\u2019s Autumn Statement on 17 November left housing out of the limelight, though it did include a commitment to keep the Stamp Duty Land Tax (SDLT) changes announced in the \u2018mini-budget\u2019 \u2013 for now. In September, then-Chancellor Kwasi Kwarteng increased the nil-rate threshold of SDLT to […]<\/p>\n","protected":false},"author":12,"featured_media":9761,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,37],"tags":[],"hd_content_source":[116],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/9758"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=9758"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/9758\/revisions"}],"predecessor-version":[{"id":9762,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/9758\/revisions\/9762"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/9761"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=9758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=9758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=9758"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=9758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}