Autumn Budget 2017 | Items of interest for Private Landlords
– Stamp duty abolished for first-time buyers on homes up to £300,000 – estimated 80% of first time buyers to benefit.
– For first time buyers in London there will be no stamp duty on the first £300,000 of the purchase price.
– The government will consult on the barriers to landlords offering longer, more secure tenancies to those tenants who want them.
Private rented sector access schemes
– The government will provide £20m for schemes to support people at risk of homelessness to access and sustain tenancies in the private rented sector.
Universal Credit Changes
– From January 2018 those who need it, and who have an underlying entitlement to Universal Credit, will be able to access up to a month’s worth of Universal.
– Credit within five days via an interest-free advance. The government will extend the period of recovery from six months to twelve months.
– New claimants in December will be able to receive an advance of 50% of their monthly entitlement at the beginning of their claim and a second advance to take it up to 100% in the New Year, before their first payment date.
– From February 2018 the government will remove the seven-day waiting period so that entitlement to Universal Credit starts on the first day of application.
– From April 2018 those already on Housing Benefit will continue to receive their award for the first two weeks of their Universal Credit claim.
– The government will also make it easier for claimants to have the housing element of their award paid directly to their landlord. From December, new guidance will be issued to work coaches so they ask new claimants about their history with rental payments.
The government will publish a call for evidence to establish how rent-a-room relief is used and ensure it is better targeted at longer-term lettings.
– Review of “Land Banking” and regulation not ruled out.
– 100% council tax premium on empty properties.
– £28m in three new housing pilots – in the West Midlands, Manchester and Liverpool – to half rough-sleeping by 2022.
– One million new homes on the Cambridge Milton Keynes Oxford corridor by 2050.
– Five new garden towns.
– £44bn for 300,000 new homes a year.
– £8bn of financial guarantees to support private building.
– £630m ‘small sites fund.’
– £2.7bn housing infrastructure fund.
– Universal credit £1.5bn to remove seven-day waiting period; new claimant in receipt of housing benefit will get it for two weeks. Rent £125m of funding to help 140,000 people.
– Tax avoidance Measures to save £4.8bn by 2022-23.
– From April the personal allowance rises to £11,850.
– Fuel duty frozen for the eighth consecutive year.
– From April the National Living Wage will rise to £7.83.
– NHS £10bn capital investment in frontline services over the course of this parliament, £2.8bn more for England.
– £30m to improve mobile and digital connectivity on train.
Mary Latham, veteran landlord and spokesperson for the Midland Landlord Accreditation Scheme (MLAS) said:
“The review of rent a room relief has the potential to open a review of all short term lettings. Most councils are concerned about homes being lost from the traditional market because of the growth in short lets we may see some controls put in place.”
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As we approach 2018, landlords should keep these important products in mind for a positive and prosperous New Year:
- Tenant Referencing Passport ( CLICK FOR FULL INFORMATION )
- Introducer Scheme – The Future of Tenant Referencing (CLICK FOR FULL INFORMATION)
- Property Let Standard and Rent Arrears Insurance Cover ( CLICK FOR FULL INFORMATION )
- Portfolio Insurance ( CLICK FOR FULL INFORMATION )
- Landlord Home Emergency ( CLICK FOR FULL INFORMATION )
- Tenant Contents Insurance ( CLICK FOR FULL INFORMATION )