Autumn Statement 2023
Simon provides an update on the autumn statement 2023, specifically focusing on the government's plans regarding house prices. While there were no major changes to stamp duty or other taxes, the government announced an increase in the LHA housing rates from April 2024, which is beneficial for landlords renting to tenants on benefits. Simon also discusses the current state of the property market, with inflation halving but still above the Bank of England's target. KEY TAKEAWAYS The government plans to increase the state pension, minimum national wage, and benefit system, which will put more money into people's pockets and potentially help the economy. The LHA housing rates will be increased from April 2024, benefiting landlords who rent to individuals on benefits and potentially aligning the rates with private market rents. Interest rates are expected to remain unchanged until at least quarter two of 2024, making it difficult for buyers and property investors to secure mortgages and potentially favoring strategies like HMOs and service accommodation. A new permitted development will allow the conversion of a normal house into two flats without requiring planning permission, presenting a significant opportunity for property investors and developers, particularly in expensive locations. However, local councils may choose to withdraw these permitted development rights through Article 4 directions. BEST MOMENTS "They announced that actually from next year there's going to be a new permitted development where you can take for the very first time a normal house and turn it into two flats without having to get planning permission." "This is going to be a huge opportunity and most people are not aware of this yet." "So you might want to start looking around for opportunities." "I believe this only really works in expensive locations because the cost of conversion is quite expensive." VALUABLE RESOURCES To attend your first pin meeting as Simon's guest visit http://www.pinmeeting.co.uk/, find your local meeting, and at the bottom of the page where you normally pay £20, click on where is says "pay with a voucher code" and use this code: PODCAST. This will by pass the payment page and you can attend your first pin meeting for free. Property Magic: How to Buy Property Using Other People's Time, Money and Experience by Simon Zutshi Find out about the Global PIN Meetings at www.globalpinmeeting.com To find your local pin meeting visit: www.PinMeeting.co.uk and use voucher code PODCAST to attend you first meeting as Simon's guest (instead of paying the normal £20). iphone: http://bit.ly/pinAPP1 Android https://bit.ly/pinAPP2 Register at Mindset For Property at - www.mindsetforproperty.co.uk Contact and follow Simon here: Facebook: http://www.facebook.com/OfficialSimonZutshi LinkedIn: https://www.linkedin.com/in/simonzutshi/ YouTube: https://www.youtube.com/SimonZutshiOfficial Twitter: https://twitter.com/simonzutshi Instagram: https://www.instagram.com/simonzutshi/ Simon Zutshi, experienced investor, successful entrepreneur and best-selling author, is widely recognised as one of the top wealth creation strategists in the UK. Having started to invest in property in 1995 and went on to become financially independent by the age of 32. Passionate about sharing his experience, Simon founded the property investor’s network (pin) in 2003 www.pinmeeting.co.uk. pin has since grown to become the largest property networking organisation in the UK, with monthly meetings in 50 cities, designed specifically to provide a supportive, educational and inspirational environment for people like you to network with and learn from other successful investors. Since 2003, Simon has taught thousands of entrepreneurs and business owners how to successfully invest in a tax-efficient way. How to create additional streams of income, give them more time to do the things they want to do and build their long-term wealth. Simon’s book “Property Magic” which is now in its sixth edition, became an instant hit when first released in 2008 and remains an Amazon No 1 best-selling property book. Simon launched his latest business, www.CrowdProperty.com, in 2014, which is an FCA Regulated peer to peer lending platform to facilitate loans between private individuals and property professionals.