The Autumn Budget took place on 27th October 2021
Following the Autumn Budget from Chancellor of the Exchequer Rishi Sunak, Brown & Merry outlines the key housing announcements made earlier today and what they mean for the housing market...
- £24bn of investment into housing - the largest cash investment in a decade according to the Chancellor.
- £11.5bn of this investment to go towards affordable housing specifically, in a bid to make home ownership more affordable for everyone.
- 180,000 affordable homes to be built on brownfield sites, opening up otherwise unused land and derelict buildings for development.
- 4% ‘Residential Property Development Tax’ on developers with profits over £25m, which will apply to around 30 of the largest developers in the UK.
- £5bn funding from the new Residential Property Development Tax to allocate to the removal of unsafe cladding, a step towards tackling the cladding crisis.
- £640m a year to combat rough sleeping and homelessness
- £65m to reform the planning system
- Capital Gains Tax payment window extended from 30 - 60 days.
Other major announcements included:
- Inflation at 3.4% in September and set to rise further to 4% average in 2022.
- National Living Wage to increase to £9.50 an hour.
- Universal Credit taper rate will be cut from 63% to 55%.
- 50% discount on business rates for the retail, hospitality and leisure sectors in England in 2022-23.
- Rise in fuel tax cancelled.
- Whitehall departments to receive a total of £150bn funding collectively across the course of this parliament.
- Schools to receive an extra £4.7bn by 2024-25.
- Domestic flights within the UK to be subject to a new lower ‘Air Passenger Duty’ from April 2023.
- Planned rise in duty on alcohol cancelled and simplified duties on alcohol introduced.
For further information on the housing market in your area, please contact your local Brown & Merry branch.