In his Autumn budget the Chancellor has made some announcements that relate to the housing market.
Developers (with profits over £25m) will be taxed at a rate of 4% from April 2022 to help contribute £5bn to remove unsafe cladding from high risk buildings. The tax will be partly funded by a new Residential Property Developers Tax which was designed to ensure the largest developers help fund the government’s cladding remediation costs applied to predominantly residential property developments.
In addition to help build 180,000 new affordable houses, there will be £11.5bn allocated from a £24bn investment for a multi-year housing settlement.
We’ll continue to monitor any further government announcements and, as always, our teams are available to offer support.