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Autumn Budget Property Predictions 2024

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    How Might the Autumn Budget Impact UK Property Investment?

    As the Autumn Budget approaches, many in the property sector are wondering what’s in store.

    The Budget will be announced on Wednesday 30th October, meaning there is less than a month before we find out.

    At the Labour Party Conference in Liverpool at the end of last month, Chancellor Rachel Reeves reiterated that there will be no income tax, national insurance, or VAT increases. However, she has also stated that gaps in public finances will need to be filled, leading experts to put forward some predictions as to where Labour will turn to raise funds for the public coffers.

    Prime Minister Keir Starmer has already stated that the Budget will be “painful”, leading to much speculation about which areas will be targeted. Some of the rumoured measures will directly affect landlords and the property industry, so let’s take a look at some of these possible Autumn Budget changes.

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      Energy Efficiency Requirements

      Some experts anticipate an announcement during the Budget regarding the Government’s plans to change the minimum EPC rating required for private rental homes. This may include funding options for landlords to help them reach the necessary level of energy efficiency in their properties.

      Many landlords have deemed the current available funding insufficient, with high costs being one of the main factors holding investors back from upgrading. This has led to a trend for energy-efficient new-build properties, as investing in these eliminates the need for expensive retrofitting.

      All properties currently offered at RWinvest are either new-builds or outfitted with the latest energy-efficient utilities to help future-proof investments as much as possible.

      One of our flagship developments, Element The Quarter, hit Liverpool’s property scene as the city’s first-ever eco-development, boasting cutting-edge low-carbon technology and projected annual NET rental returns of 7%.

      Continuing this trend, our latest launch, West One, in Manchester, uses similar technology, resulting in an impressive EPC rating of A.

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        Capital Gains Tax

        While the Government has stated that some tax rises are off the table, changes to capital gains tax (CGT) still seem to be a possibility.

        Landlords currently pay CGT on profits they make from selling a property. It is charged at 18% for basic rate taxpayers and 24% for higher and additional rate taxpayers. There has been speculation that the rate for all residential property will be increased to 30%.

        It has also been suggested that the government may decide to increase CGT rates in line with income tax rates. This would mean that basic-rate taxpayers would pay 2% more in CGT, bringing it to 20%. Higher-rate taxpayers would pay 16% more in CGT, bumping it to 40%. Additional-rate taxpayers would pay 21% more in CGT, making it 45%.

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          Inheritance Tax

          Another tax that has been rumoured to come up in the Budget that will impact property investment in the UK is inheritance tax.

          Currently, inheritance tax applies to properties worth more than £325,000, and the rate is 40%.

          If the current rules change in the Autumn Budget, this could mean either a change to the rate or the threshold could be reduced, bringing more people into this bracket.

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          Stamp Duty

          Under the current Stamp Duty rules, first-time buyers can claim relief, meaning they pay no Stamp Duty on properties worth up to £425,000 and only 5% on purchases up to £625,000. However, these thresholds are set to reduce to £300,000 and £500,000, respectively, and property experts have called on the Government to retain the current rules to help first-time buyers get on the property ladder.

          Landlords and investors pay a 3% stamp duty surcharge when purchasing property. The National Residential Landlords Association (NRLA) has suggested scrapping this higher rate for additional dwellings altogether in the Autumn Budget to stimulate housing market activity and help solve the supply-demand imbalance in the private rental market.

          Some in the property industry are also hoping for changes to Stamp Duty bands to more accurately reflect property price inflation in the UK housing market. However, so far, most speculation has surrounded the change in rates for first-time buyers, and there are no credible rumours of the Government addressing these other issues as of yet.

          Take a look at the RWinvest Stamp Duty calculator to work out how much you would pay as an investor under current rules.

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          Download a free copy of our expert off-plan property guide for information on the best off-plan locations, risks you should know about, tips on how to get started, and more.

          Does This Mean Property Investment is Less Attractive in 2024?

          Some of this speculation has given property investors pause for thought, and it is important to stay ahead of rumoured changes to make an effective property investment strategy. However, we currently have no confirmation on these changes, and investors will likely have to wait until the announcement itself to incorporate these measures effectively into their strategies. Much of the speculation indicates that maintaining a healthy housing market is in the government’s best interest. After their pledge to meet new housing targets, it would seem counterproductive to discourage property investors who play a vital role in boosting stock levels through financing new-build projects.

          The rumoured measures will not affect some of the most enticing benefits on offer for entrepreneurial buy-to-let investors. The supply-demand imbalance, currently one of the defining characteristics of the UK rental market, looks set to continue. This has caused rental income to soar, bumped up average rental yields, and contributed to record-breaking rental demand. This is especially true in northern markets, where property prices are more affordable on average, helping investors to maximise profits and be more likely to absorb potential tax rises that may come following the Autumn Budget. Find out more about available investment opportunities in northern buy-to-let hotspots by taking a look at RWinvest’s investment properties page.

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          Author

          Jessica Ferris

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          Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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