How does the new Autumn Budget 2021 affect my move?

The Chancellor, Rishi Sunak, introduced the brand new Autumn Budget this October, outlining the ways the government is planning to bolster the UK’s economy moving into the future. 

If you’re planning on buying or selling a house in the new year, you may be wondering what the new budget means for you. In this article, we’ll explore this question in more detail. 

How does the Autumn Budget affect housing? 

Understandably, the past few pandemic years have caused a marked slump in the country’s economic stability – and this budget will aim to rebuild the damage done. 

Part of this has meant upping taxes slightly, which may mean you have less to put towards saving up for a property. Households across the UK are also seeing rising inflation costs in energy, rent and also food bills, which are sure to impact the average person’s finances. 

However, there is some good housing news to emerge from the budget. Here are the three biggest takeaways: 

• Affordable housing: Around 11 billion pounds has been set aside for new housing in brownfield sites across the country. Under the Affordable Homes Programme, this will aim to build 180,000 affordable homes at locations throughout the UK. This plan aims to make housing more accessible for buyers, and will also have the added bonus of boosting the construction industry. 

• Capital Gains Tax extension: If you make a profit on a property sale, you will need to pay Capital Gains Tax. To give you a little more time to make that payment, and hopefully soften the effects on your wallet, you will now have a 60 day period to make the payment – a double of the previous period of 30 days.  

• Removal of unsafe cladding: If you’re a property developer with profits that exceed 25 million, then you can expect to be asked to pay some money towards helping remove unsafe cladding from buildings across the country – benefiting house buyers and sellers alike. 

Many experts saw the Autumn Budget as quite sparse with property news. However, if you’re looking to the future and are ready to hit the housing market, you’ll need a dependable removals contractor to help your move run smoothly. 

Are you planning to make a move in 2022? Here at Simon Long Removals, we’re a BAR-accredited removals company that carry out house moves across Norfolk, including Norwich and far beyond. Whether you’re moving across the street or across the globe, we help your belongings get from A to B safely and efficiently. Get in touch to learn more.