Main housing takeaways:
- Capital Gains Tax deadline extended from 30 days to 60 days.
- £24 billion for new housing, with £11.5bn spent on 180,000 new affordable homes built on brownfield sites.
- 4% levy placed on the UK’s biggest property developers to create a £5bn fund to remove unsafe cladding.
- Around £640 million a year pledged to address rough sleeping and homelessness.
Despite the country being struck by three UK lockdowns, resulting in a 10% economic drop and over £100 billion spent on job support schemes, the property market has remained healthy.
Property prices across the UK have seen record-breaking growth, with the average property price surpassing £250,000 for the first time ever – the highest rate of growth since 2004.
Likewise, the rental market has seen massive growth, too, with HomeLet finding that average UK rental prices are now £1,061 – the highest on record.
With all this in mind, it was unsurprising to find that Chancellor Rishi Sunak didn’t offer much for the housing market, with a limited raft of changes described as “leaving a lot to be desired.”