The government has been busy recently, doing everything from leasehold reform to changes to HMO council tax. In the Autumn Statement 2023, the government has announced more good news for the property sector. There are some really important changes that you need to know about as a property investor, so I have posted a video explaining everything on my YouTube channel. If you are in property, or are thinking of getting into property, it is essential you watch the full video (above) until the end.
The media isn’t talking about many of the important changes brought in by the Autumn Statement 2023. They would prefer to focus on the relatively small changes to the minimum wage and taxes. I want you to know about the changes that will impact you as an investor, not just an employee. In this article, I will give you 3 important takeaways from the Autumn Statement 2023 for property investors. If you find this article helpful, please consider sharing it on social media to let others know about the government's plans for property.
1. Turn A House Into 2 Flats Without Planning Permission
Permitted development rights were brought in a while back. They allow you to make certain changes to properties without getting planning permission. They have been used to turn houses into HMOs, which has made many property investors a lot of money. It has also meant more access to affordable accommodation for those that need it. It is a win-win policy and a smart move by the government.
Now the government is extending the policy, allowing people to turn one house into two flats without planning permission! This means you can now get two lots of rent from a single property. Better still, you can turn one house into two serviced accommodation units! Once again, this is a win-win. Great for property investors, plus more people are housed using the same space!
2. 5% Deposit Mortgages Extended By The Autumn Statement 2023
The government is also keeping government backed 5% deposit mortgages! The government introduced 5% deposit mortgages some time ago, and the scheme was due to come to an end. Now the government has extended the scheme! While this doesn’t directly impact property investors, because these mortgages are not available for buy-to-let properties, this is still good news!
This news means a boost to the property market, making it easier to sell or refinance should the need arise. Also, although it is generally advisable not to buy a house to live in, it could be an option if you can find a property you can add value to. If you can find the right property, you could sell or refinance it later down the line.
3. Increased Rents From Housing Benefit Tenants
If you have housing benefit tenants, the amount they can claim is about to go up. This is to reflect the fact that rents are rising in the private sector. This will give you the opportunity to increase rents, while remaining affordable for tenants. Even if you don’t currently have tenants on housing benefits, this potentially increases the areas you could consider investing in. This is good news for landlords, but it is also good news for claimants, as more properties will be made available to them.
If you want to get into property and take advantage of the changes announced in the Autumn Statement 2023, why not book on to my next training event?
On the course, you will learn how to:
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Become a property investor using other people’s money so that you can get started straight away
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Utilise the 5 different types of raised finance so that you know exactly what to offer and when
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Find the perfect properties for the BRR strategy
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Recycle your money so that you can ‘rinse and repeat’
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Build a power team you can trust, so that you can save time and money
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And much more!
Tickets are only £1, and you can get yours here. If you are ready to take action, I hope to see you very soon!
