The Autumn Budget is an annual announcement detailing the government's plans for the upcoming year, chancellor Jeremy Hunt announced commitments including the economic status, planned expenditures, and revenue collection.

In the announcement, he covered everything from a surge in wages and pensions to reforms to National Insurance, self employed taxes and extensive welfare changes. Most importantly however, he announced increases to housing supply and the digitalisation of the buying and selling process. 

The Autumn Statement for 2023 introduces over 110 measures to stimulate the British economy, encompassing various areas such as tobacco duty, artificial intelligence, apprenticeships, and education.

Here are the top 7 highlights for letting agents and landlords:

1. Increase in Local Housing Allowance to support lower-income tenants: The Local Housing Allowance, used to determine the maximum amount private renters can claim in Universal Credit or Housing Benefits, will now cover at least 30% of local market rents. This move is expected to provide an average support of £800 to 1.6 million households.

2. Tax cuts for self-employed landlords and letting agents: Approximately two million self-employed individuals, including landlords with larger portfolios, will benefit from tax cuts. This includes the elimination of class 2 national insurance for self-employed individuals earning over £12,570 a year, resulting in savings of up to £350.

3. Measures to support increased homebuilding: The government plans to invest £110 million in "nutrient mitigation schemes," potentially leading to the construction of 40,000 new homes. Additionally, there is a commitment to allocate £450 million to local authorities for building 2,400 new homes and a £32 million investment to address planning backlogs in Cambridge, London, and Leeds.

4. Opportunities for property developers: Property developers will have new opportunities, including a consultation on a permitted development right allowing the conversion of any home into two flats, provided the exterior remains unaffected. Hunt will allow local authorities to recover the full costs of major business planning applications, in return for being required to meet guaranteed faster timelines. If they fail, these fees will be refunded automatically with the application being processed free of charge.

5. Business rate relief for smaller agencies: The small business multiplier has been frozen for another year, benefiting small businesses, particularly agencies, with a rateable value under £15,000. Independent high street agencies could see significant savings.

6. Higher wages for lower-earning tenants and property professionals: The National Living Wage will increase by almost 10%, rising from £10.42 to £11.44 an hour. This wage increase, applicable to workers aged 21 and above, will impact over 2.7 million workers and may influence tenant affordability.

7. One pension pot for life affecting the entire rented sector: Pensions are subject to changes, including a commitment to the 'triple lock,' which increases the full state pension by up to £221.20 a week. There is also a proposal to consolidate pensions, creating a "one pension pot for life," simplifying the process of managing pension savings.