How Does The 2022 Mini-Budget Impact Landlords?

How Does The 2022 Mini-Budget Impact Landlords?
kwasi mini budget

Kwasi Karteng, the new Chancellor of the Exchequer appointed by Liz Truss, made an emergency mini-budget announcement to tackle the the cost of living crisis with revealing 30 measures to turn the economy around from a stagnation economy to cycle of growth.

As a landlord there are some measures introduced in the budget to help support landlords.

First set of packages are aimed at tenants to help with the rising energy costs. The following measures were revealed

  1. Unit price reduced
  2. Households to receive $400 payment to help towards energy costs
  3. Energy Bill Relief scheme to help businesses to reduce their costs

Apart from the tax cuts and various support packages – Kwasi has an ambition target to increase the growth of the economy to 2.5%.

Now lets get into what Kwasi has to say about the housing sector. Kwasi wants to reform the Planning review process and has announced that a new Bill will be shared to simplify the current complexity of the planning process and restrictions in place and some inherited issues from EU laws.

He also wants to increase the supply of housing by increasing government disposals of land and re-energise the property developers again to start to build again.

Going onto the stamp duty, he is going to cut the stamp duty whereby no stamp duty fees will be paid for the first £250,000 of a property and for first time buyers he has increased that threshold to £425,000k. Cuts were effected immediately on the day of the announcement.