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On Wednesday (23rd of March) the spring statement was given by Rishi Sunak, the Chancellor of the Exchequer. To the delight of the property market the news was mainly positive towards home owners and their tenants.
Of course we were not expecting another stamp duty holiday, but the announcement of VAT being removed for improvements or upgrades to properties was a welcome relief for landlords concerned about reaching the new energy efficiency standards without breaking their bank.
There is also a commitment to reduce the cost of living as part of the tax plan over the next 5 years, as part of this the Chancellor has doubled the Household Support Fund from £500m to provide support to the poorest facing rising energy bills.
Time will tell how much help these announcements will be and how they work with other details from the statement, with a lot of focus on how people can balance income vs the cost of living.
The housing market is rising fast in value and with it the rental prices so for the moment the lettings industry looks very strong and can be more sustainable when the government drives support towards tenants being able to afford their monthly rent.
Written by Toby Dawson
