Offa view: Chancellor Hunt’s Autumn Statement disappointing for property market

On Wednesday, the Chancellor Jeremy Hunt delivered his Autumn Statement, setting out a host of reforms and incentives to help the British economy grow.

While there were a variety of measures that will benefit businesses and individuals, it was disappointing that the Chancellor didn’t go further to support the property sector given its vital role as a driver of economic growth.

It was good to see the Chancellor promise to create a premium planning service to speed up planning applications, with an injection of cash to fund more officers in local authorities to overcome the systemic backlog in applications.

Another interesting pledge is to hold a consultation into new permitted development rights, which could potentially allow any house to be divided into two flats provided there are no changes to the exterior.

On the flip side, the anticipated changes to Stamp Duty didn’t materialise, nor the much needed mortgage tax relief for landlords.

With an election year looming in 2024, let’s hope the Chancellor will be bolder in his Budget in the Spring.

_{Image: Official portrait of the Chancellor of the Exchequer Rt Hon Jeremy Hunt MP
Photographer: Andrew Parsons}