Unmet Expectations on Housing, Mortgage Scheme Extension and the Future - 28th Nov Property Bulletin

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Welcome to the Property Bulletin for November 29th, 2023. In this episode, we delve into the key highlights from the recent Autumn Statement, explore the golden opportunities for Gulf Cooperation Council (GCC) investors in London's real estate, and examine the evolving landscape of impact investing.

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Autumn Statement 2023 Recap:

The recent Autumn Statement left the housing sector desiring more decisive action. John Yerou, CEO of Freelancer Financials, expressed disappointment in the perceived lack of bold measures to stimulate the housing market and the overall economy. While the extension of the Mortgage Guarantee Scheme (MGS) until June 2025 was noted, expectations for more substantial changes, including Inheritance Tax (IHT), landlord support, and anticipated Stamp Duty (SDLT) reforms, were unmet. The absence of SDLT adjustments raised concerns about missed opportunities to encourage property transactions, especially among downsizing homeowners.

While the statement touched on support for house building and planning approvals, promising simplified processes for converting single dwellings into two flats, detailed measures are awaited. Chancellor Jeremy Hunt pledged assistance for families facing rising rents, allocating £1.3 billion in the 2024/25 tax year to support 1.6 million households. However, skepticism arose due to Hunt's involvement as a landlord. Buy-to-let landlords were disappointed, as Mortgage Interest Relief and Section 24 (S24) remained untouched. All eyes are now on Spring Budget 2024 for more substantial announcements.

London Real Estate: A Golden Opportunity for GCC Investors:

Stuart Leslie, International Sales and Marketing Director at Barratt London, sheds light on the appeal of London's real estate for investors from the Gulf Cooperation Council (GCC). Despite economic challenges, London has demonstrated resilience and consistent growth over the past two decades. Regeneration zones, including Tooting, Mill Hill, and Hounslow, offer higher returns, with an average annual growth rate of up to 3.6%. London's thriving business environment, diverse culture, world-class education system, and strategic transportation make it a lucrative opportunity.

Planning Shake-Up in Jeremy Hunt's Autumn Statement:

Chancellor Hunt's planning shake-up introduces a permitted development right allowing the conversion of a house into two flats without formal permission. Expected to be effective after consultation, this aligns with the focus on sustainable property development, aiming to reshape property investment strategies. The proposed changes offer potential opportunities for landlords and developers, creating more housing options and potentially yielding significant profits.

Real Estate Evolution: Repurposing Assets for Sustainability:

Changing working practices, lifestyle, and sustainability considerations are reshaping the real estate sector. The rise of online shopping and remote work has led to increased vacancies in retail and office spaces. To address this, there's a growing trend of repurposing existing assets without resorting to demolition. Refurbishment and redevelopment within the current physical envelope align

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