Autumn Budget 2024 | What Homeowners and Landlords Need to Know
The latest Autumn Budget brings important news for homeowners and investors, with changes to stamp duty, increased funding for affordable housing, and significant cladding safety upgrades.
The Autumn Budget, from Chancellor Rachel Reeves, brings some significant updates for property owners, with a focus on housing investment, safety, and stamp duty changes. Here’s what you need to know.
Stamp Duty Changes - What It Means for You
Today's budget brought a rise in the stamp duty surcharge for second homes and investment properties, increasing from 3% to 5%, effective tomorrow. This new surcharge applies to current homeowners buying an additional property worth £40,000 or more, with the 5% rate applied to properties valued up to £250,000.
Earlier this year, in April, the previous government also introduced a double council tax charge on long-term empty properties. This measure aimed to discourage homes from remaining vacant, particularly in high-demand areas. Combined with the new stamp duty increase, these updates mean higher holding costs for investment properties and second homes.
For landlords and investors, this calls for careful consideration of portfolio growth strategies. Contact our avocado lettings team to discuss how these changes may affect your plans in today’s evolving market.
£5 Billion Housing Investment
The government’s £5bn investment in housing aims to increase affordable homes, now backed by a £3.1bn budget. This boost is great news for buyers looking at new builds or first-time homes.
For those entering the property market, you can contact your local avocado partner to discuss your options.
Safety Upgrades for Existing Properties
A further £1bn has been allocated to remove dangerous cladding, following the Grenfell Inquiry. This is a positive step for property safety standards, giving current and prospective buyers greater peace of mind when it comes to building compliance.
Landlords, speak to the lettings team at avocado property to understand how this impacts your ability to rent your investment properties.
What’s Next? Connect with Your Avocado Agent
Curious about what the budget means for your property plans? Avocado property is here to help! Get an updated property valuation in 60 seconds, and let’s discuss how these changes could work for your goals. Whether you’re looking to buy, sell, or expand your portfolio, we’re just a click away.