The Autumn Statement 2023, just announced by Chancellor Jeremy Hunt with a big shock regarding Permitted Development Rights and Planning Permission, is finally here to help the Housing Market.
In this brand new Property Education video, Simon Zutshi addresses the Autumn Statement and the implications of all of the announcements made on buy to let property investors.
Despite no changes to Stamp Duty or Inheritance Tax, the government has decided to increase State Pension and benefits, alongside raising allowance for Local Housing Authority Allowance, which is good news for Buy to Let Property Investors who rent to tenants on housing benefit.
Simon predicts that due to inflation still being twice the bank of England target Inflation rate of 2%, the current relatively High Interest Rates will not be coming down until quarter 2 of 2024, which means there are still going to be significant challenges in terms of affordability for home owners and Buy to let property investors.
Now more than ever, Creative Property Strategies such as Lease Option Agreements and Vendor Finance have become relevant in this Falling Property Market.
Changes to Permitted Development (PD) will majorly help Property Developers by allowing a house to be converted into two flats, stimulating the supply of Accommodation in the UK.
Most UK Property Investors aren’t going to be aware of this competitive piece of information, so it is important to jump on this huge opportunity before some councils begin to consider introducing Article 4 which is the removal of permitted development right.
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