UK Finance: What the Autumn Budget should include

Autumn is the time of change. The weather shifts into the cooler and the damper (not that you'd notice much difference after the last British summer), while the trees transform their colours into vibrant browns, golds and reds before dropping the leaves to the ground for you to kick your way through in your thick coat, scarves and gloves.

It's also the time that the Chancellor of the Exchequer makes announcements on all the things that are likely to affect the economy in the coming year (or, at least, until the Spring Announcement). Usually, you can expect that there will be a number of declarations on a variety of taxes, a few pennies might be added to petrol and diesel, or cigarettes and spirits, and experts everywhere will be poring over the details to come up with a guide as to how it affects various groups of people around the country.

That assessment will also cover the impact on the housing industry and the associated market for selling and buying (and renting) properties. That's a few weeks off yet - and Homeward Legal will be reporting on the details after the Budget as it affects the process of buying or selling a home has been announced. 

But it's worth looking at the annual submission to the Chancellor by the banking trade body, UK Finance, to understand what their focus is.

The news might be good for first-time buyers - the group which is most affected by the increasing house prices and their ability to look at the property ladder let alone step on to the bottom rung - because the first housing-related recommendation is for the Chancellor to maintain  the currently-increased threshold of £450,000 at which first-time buyers should pay Stamp Duty, which helps to bring many homes for sale within the affordability of that group. This is due to revert to the prior £250,000 threshold in April 2025.

But UK Finance goes further with their recommendations on Stamp Duty. Their suggestion is to introduce a rebate on the Stamp Duty that will incentivise any homeowner to upgrade the energy efficiency of their home. UK Finance also suggests that “green” home improvements should be made VAT-free, especially if the incentive idea is not taken forward. 

The Government has plans regarding reducing the national carbon footprint - one of the highest in the world - which requires everyone in the country to play their part, which is something is not feasible if affordability is not effectively managed.

As David Postings, Chief Executive of UK Finance, has said when commenting on the forthcoming Budget:

“The new government has been clear that it is focused on delivering sustained economic growth, and financial services are vital in achieving that goal. 

“The upcoming Budget is an important opportunity for the government to set out a clear plan for the UK. 

“In our submission, we have called on the government to not only introduce measures to bolster growth, but also a range of ideas to help support households and businesses up and down the country. 

“As a vital part of the UK economy, financial services will play an active role in supporting growth and building a better society for all.”

Whether any of the suggestions are taken up within Rachel Reeves' first budget as Chancellor of Exchequer will remain to be seen, of course, but the possibilities of supporting any housing initiative can only be improved with backing and pressure from important trade bodies such as UK Finance.

For now, it's a case of “watch this space!”

Whether you're a first-time buyer or a seasoned house-buyer, you'll want to at least ensure you have a focused and forward-thinking conveyancing solicitor to drive your transaction forwards for a fee that is value for money.

That's where you can rely on the experts at Homeward Legal! 

They will start work on your planned purchase as soon as you agree to the quotation and appoint them to represent you. 

Homeward Legal will also provide a quote that will not change - what you are quoted is what you pay for standard conveyancing process.

There are some unforeseen items that might arise during the purchase and/or sale, but the solicitor discusses these and their cost as they come up. 

In addition, to protect the homebuyer further, Homeward Legal operates a ‘no completion, no fee' promise, which ensures that, should the purchase or sale not go through as planned to completion status, no payment is required.

Call  to get your conveyancing quote started, or to discuss your concerns with your plans to move.

Or you can get a quick quote, using Homeward Legal's easy-to-use quote generator.