The Chancellor doesn't plan to reduce or abolish the 3% stamp duty surcharge for investment properties nor lower stamp duty rates for properties priced over £1.5 million, in a blow to both landlords and buyers at the higher end of the market.
Not only will buy-to-let investors not see stamp duty reduced or scrapped, but letting agents' fees for tenants are to be banned 'as soon as possible' and passed onto landlords. This is a positive development for renters, but there is already speculation these costs will simply be passed back to tenants in the form of higher rents.
Chancellor Philip Hammond's first Autumn Statement (and technically last) instead focused on 'the housing challenge', the chronic lack of affordable housing and the financial challenges faced by would-be first-time buyers.
So what is being done to help buyers? A £2.3 billion Housing Infrastructure Fund is being set up to provide 100,000 new homes in places where there is demand. London is also to be given £3.15 billion for 90,000 new homes, while a £1.4 billion investment should build 40,000 affordable homes. Is it enough? No, but it marks the start.
In a further bid to help first-time buyers, the Help to Buy scheme will continue.
It wasn't necessarily what landlords were looking for, but the investment in affordable house building and infrastructure is more than necessary, especially after Brexit has taken place.
For more information on the Autumn Statement 2016, click on the link below:
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