What Chancellor Hunt's Autumn Statement means for Sussex

23rd Nov 2023
Paul Broomham
What Chancellor Hunt's Autumn Statement means for Sussex - Michael Jones

Chancellor Jeremy Hunt unveiled a series of updates in his Autumn Statement, poised to benefit various sectors of the Sussex property market, including private renters, landlords, and first-time buyers.

A key highlight is the welcomed boost in the Local Housing Allowance (LHA). The LHA will encompass the 30th percentile of local rental market rents next year, a change long supported by landlord and lettings agency groups. This adjustment is expected to aid around 1.6 million households in private and social housing sectors.

The impact of this adjustment is noteworthy, amounting to approximately £800 annually per household receiving LHA. This will help alleviate a significant portion of the recent increases in rental market rents.

The government's commitment to supporting first-time buyers is further exemplified by the extension of the 95% Mortgage Guarantee Scheme. Originally slated for earlier expiration, the scheme will now provide an additional 18 months of support until the end of June 2025. This extension strategically aims to bolster the property market and benefit aspiring homeowners.

Moreover, proposed changes in planning regulations are under consideration. The government is exploring the possibility of altering Permitted Development Rights, enabling the conversion of any house into two flats without modifying the external appearance. This potential change could unlock new prospects for property development and utilization, offering increased flexibility in housing options.

Lastly, the reduction in national insurance contributions will positively impact disposable income for everyone, indirectly contributing to improved affordability for buyers who have faced recent interest rate hikes.

Should you have any inquiries regarding the implications of the Autumn Statement on the Sussex property market, please feel free to contact us.