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Autumn Statement 2015 – Housing

Thursday, 26th November 2015
Miscellaneous | Valuation

Today saw the Chancellor deliver his first Spending Review & Autumn Statement since the General Election and whilst we did not see anything near as radical as the Stamp Duty and Capital Gains Tax Reforms of last year, there were still a few items to note in terms of housing:

The Review targeted:

  • Buy to let landlords who will now get less tax relief on their mortgage interest payments. Full details yet to be announced.
  • Home owners with lodgers will be able to earn £7,500 tax-free income from their house-guests each year.
  • From 2017 there will be an extra £175,000 inheritance tax allowance for those who leave their homes to their children or grandchildren. This is on top of the £325,000 inheritance tax allowance allowed currently making the relief threshold £500,000. This is however, tapered away for those with estates of more than £2m. These new thresholds and allowances are also twice as high for married couples and civil partners, meaning they will now be able to inherit up to £1m tax-free from each other.

The latter will be certainly benefit anyone who has been left property as part of their estate which is a subject we have previously covered in our Probate Valuation blog.

In another announcement that slipped under the radar this week the Government firmed up its proposals to extend the Right to Buy to Housing Association tenants. The Right to Buy has already helped 2m families own their own home with the help of substantial discounts.

Peter Barry Surveyors regularly undertake valuations for both probate and Right to Buy. Please feel free to contact us if you would like to discuss any matters such as these or to arrange a valuation. Our Head Office number is 020 7183 2578 or alternatively you can send us an email.

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tony besgrove
Our surveyor, James, arrived at the house at the appointed time and was most helpful in explaining the details of the party wall agreement. He later sent the completed document as promised. Most efficient and friendly service throughout.
Claudette “CeeBee” Bradshaw
Rachel Fay
I was put at ease by the professional way In which this survey was conducted I highly recommend Peter Barry All aspects were considered my home Was examined for any potential problems That may be caused by the works being Carried out by the neighbouring property . Photos were skilfully recorded and a Drone was used to take pictures of the roof . Peter Barry Surveyor truly did a fantastic Job acting in a professional manner at all Times . And showing respect for my home And security and I can only prise them , Many Thanks Rachel
Response from the owner:Thank you, Rachel, for your lovely review. We’re really pleased to hear the survey put you at ease and that the team’s thorough approach — including the detailed photos and drone imagery — helped you feel fully protected. Your kind words about the surveyor’s professionalism and respect for your home mean a great deal.
Neyet M
I was a neighbour of someone who wanted to do some changes to their dormer into a full loft conversion. The surveyor sent to review our shared walls was very young professional and helped answer all my questions and concerns. The emails from the firm were very formal, else and they were very reachable by telephone. I didn’t pay as my neighbour was carrying out the works so I can’t comment there. I would consider using this firm for further works personally
Response from the owner:Thank you for sharing your experience. We’re really pleased to hear how well the surveyor supported you throughout your neighbour’s loft‑conversion process.
Jack Reynolds-Clark
Very responsive and proactive. Would highly recommend
Response from the owner:Thank you, we appreciate your recommendation.
soe tjen marching
Great surveyor. Professional and very good service for our party wall matter. Thank you.
Response from the owner:Thank you for your review. We’re really pleased to hear you received such professional service and that everything went smoothly with your party wall matter.
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