The headlines from the Autumn Statement included a long-overdue uplift in Local Housing Allowance and minimum wage rises. The Chancellor also stated that households close to new electricity infrastructure (pylons and sub-stations) will receive up to £1,000 per year off energy bills.
Continued help for buyers with smaller deposits
Although a rumoured stamp duty cut did not materialise, there was positive news for first-time buyers with confirmation that the existing mortgage guarantee scheme will be extended until the end of June 2025.
The scheme incentivises lenders to offer 95% loan-to-value mortgages by compensating them for some of their losses in the event of a repossession. For buyers, this means more choice of mortgage products with a 5% deposit.
Boost to new homes funding
The Chancellor promised to invest more than £110 million by the end of 2024 to build 40,000 new homes and boost supply.
He also pledged £32 million to address the planning backlog and develop new housing in cities such as Cambridge, London and Leeds.
An additional £450 million will be allocated to the Local Authority Housing Fund to build around 2,400 new homes.
Support for digital homebuying
The UK Government is providing £3 million for a range of measures to improve the home buying and selling process, including pilots to develop property tech products and to digitise local council property data.
