Jackson-Stops comments on the Chancellor’s Autumn Statement

Nick Leeming, Chairman of Jackson-Stops, comments on the Chancellor’s Autumn Statement (22 November 2023).

“The Chancellor’s muted actions today, while not a hindrance to the housing market, are definitely not the helping hand that many hoped for.

“Expectations of possible announcements on support for first-time buyers, cuts to stamp duty for downsizers, and Inheritance Tax reliefs were all notably absent.

“This provides an important platform for the new Housing Minister, the second in less than a year, to make a difference to the property sector and not miss future opportunities to back the market and offer a vote of confidence to buyers and sellers.

“The Chancellor’s acknowledgement of our failing planning system sets the stage for the Housing Minister to extend reform to the residential sector to boost much needed supply.

“Irrespective of the Chancellor’s omissions today, the housing market has continued to show resilience in house prices this year with falls far more subtle than many had expected, but further measures that stimulate growth and ensure this trend remains stable for the long term will always be welcomed by the industry.”

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