Autumn Statement 2016: How will it affect the property market?

This Wednesday we saw Philip Hammond’s first and last Autumn statement. So what does the statement mean for the property industry?

Deverell Smith have asked a selected panel of our clients for their opinion and to provide their insight on what policies the Statement sets out for the UK property industry and how this will affect the industry in the future.

Stuart Atkinson, Executive Director for Doherty Baines:  “Not much to cheer about for the commercial property market, unless you include Transfer Relief Caps on Business Rates, new funding for affordable housing or an improvement in infrastructure spending. The prospect of a reduction in SDLT never materialised and continues to impact on investment volumes. Speculation is probably correct that the level of stamp duty has now reached a point at which it starts to reduce the amount of revenue raised, as commercial property returns become less attractive, ultimately leading to a reduction in investment into the sector, or an increase in property traded through offshore SPV’s. Either way, the impact is far greater to the wider economy than the reduction in revenue suggests, as all businesses associated with the sector, from lawyers to building contractors, ultimately see a drop in their revenues.”

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