Want to know how the Autumn Budget might affect your plans in property? See our update from Jean Jameson, Chief Sales Officer and Fran Giltinan, Managing Director - Property Management & Lettings Operations.
Source: Foxtons leading experts in sales and lettings are pouring over the Autumn Budget to ensure you have the best information for your goals in London property. This video has been reviewed and presented by our experts to give you a first look at the Budget's key property measures.
JJ: Hi, I'm Jean Jameson, Chief Sales Officer at Foxtons.
FG: and I’m Fran Giltinan, Managing Director - Property Management & Lettings Operations.
JJ: We've just been through Chancellor Rachel Reeves' Autumn Budget announcement and want to give you a quick update on exactly what matters for your plans in property.
Here are the most important points that could affect you:
We all know stamp duty is a big part of buying in London, and while the government hasn't extended stamp duty relief, don't worry. If you're planning to buy after March 2025, we'll help you plan ahead.
Besides Stamp Duty relief, many of us were keen to see what would replace Help to Buy to encourage first-time buyers. While we haven't seen any new first-time buyer schemes announced, there are still great options out there. Our new homes teams are working closely with developers on alternatives like the Own New rate reducer. If you're dreaming of your first home, we’ll help find your best path forwards.
FG: For our landlords, you'll be pleased to know your residential property portfolio will not be affected by the rise in Capital Gains Tax. That’s one less thing to worry about.
On the other hand, the Stamp Duty Surcharge on second homes is going up from 3% to 5%. This might mean a bit more upfront when you're investing in new property. But the scale of this increase is not likely to deter investment– especially as London property is still an incredibly solid long-term asset class.
In fact, we've already seen buy-to-let investors returning to the lettings market, and this Budget announcement is sure to give even more landlords the confidence to stay in the game.
Whether you're growing your portfolio or optimising your existing properties, our team is here to help you get the very best results. So put us through our paces – we’ll help you find the best new assets, set the right rents, find brilliant tenants and minimise any void periods.
FG: The Labour government has recommitted to energy targets, so rental properties will be required to reach an EPC rating of C by 2030. As exact details were not announced, you do not need to rush into making improvements right away.
Our property management team will guide you through what changes you may need to make, and when it will be necessary to make them, when the time is right. We'll also work with our trusted contractors to find you cost-effective solutions when it comes to retrofit.
JJ: The government has announced significant plans for investment in house building. While there won’t be an immediate effect on the property market, looking ahead, the focus on small private house builders and build-to-rent developers, and new brownfield regeneration funding, is a welcome boost to London's housing supply in coming years.
We are still diving deep into today's announcements, and we'll keep you updated as we learn more. But here's the important bit - the property market is building strong momentum right now, which will grow as we head towards 2025, with plenty of opportunities on the horizon.
FG: Whether you’re a landlord or a renter, a buyer or a seller, Foxtons experts are here to help you navigate these changes successfully. Trust London's number 1 to deliver results when it matters most, because at the end of the day, this is what we do best.
