South East: Vail Williams comments on Autumn Statement

Property consultancy Vail Williams’ response to the Autumn Statement is: "good news for house buyers, but more of the same for business rates”.

Stamp duty

On stamp duty, senior planner Jen Sanders said: “One of the Autumn Statement’s key points for the property sector is the stamp duty announcement. This is undoubtedly great news for house builders and buyers because homes will become more affordable.

“The ones who will benefit the most are the first-timer buyers struggling to get on the ladder, but it will also help those on low to middle incomes who have been hit the hardest by rising prices in recent years and don’t have access to affordable housing.

“What detracts from the help for buyers, however, is that there was no answer to the question: where will the new homes actually come from? The response needs to include more flexible planning regime to get them built, but there was no mention of that in any detail, save for the pilot housing delivery programme announced in the National Infrastructure Plan.

“We will have to wait and see how the Autumn Statement links in with this Plan released to meet the demand for homes. Stamp duty change is very welcome, but the chancellor mustn’t forget that it’s part of a wider picture.”

Business rates

On business rates, ratings partner Laurence Roberts said: “Despite the hype and much expectation before the Autumn Statement about the business rates system and changes to relief, the chancellor has failed to reduce the rates burden.

“The modest capping of the uniform business rate to 2% (rather than 2.3%), the continuation of small business rate relief and an extra £500 for some retailers, are very disappointing and are repeats of what we have seen before in previous years.

“Even though it’s close to an election, we would have liked the chancellor to have been bolder and provided more significant reliefs to the business community. With regard to the review of the present business rates system, we have had promises of actions following consultation before, but now we need to be shown a clear plan.

“We will keep making our case to the Government on three critical points: speeding up the appeals system, making values more accurate by shortening the time between revaluations, and modernising the retail rating system to keep up with on-line Internet trading.”