29 Nov 2023

Autumn Statement 2023 – Key Headlines

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Autumn Statement 2023 – Key Headlines

In the Autumn Statement, the Chancellor announced support for low-income renters by raising the Local Housing Allowance to cover the lower 30% of rents. This will give 1.6 million households an average of £800 of support.

Cuts to employee National Insurance from 12% to 10% will save the average earner £450 per year. Reductions to National Insurance for the self-employed have also been announced, affecting an estimated 39% of landlords with five or more properties.

The government also committed to relaxing planning rules and spending more money on building new homes, with £110 million to be invested in schemes which could support the building of 40,000 more homes.

The OBR has adjusted its predictions for UK house price growth and mortgage rates. Prices are expected to fall by 4.7% in 2024, following a 0.9% increase this year.

#helpingyoumove in Lancaster, Morecambe, Preston, and South Ribble

Source: #Dataloft, UK Government, Office for Budget Responsibility Nov 2023, 2021 English Private Landlord survey