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Budget 2020 – What does it mean for agents?

12th March 2020

While the Budget held little for the Private Rented Sector, there were a series of announcements on the wider housing sector, and a number of measures to support individuals and businesses affected by Coronavirus.

Housing

  • A new Affordable Homes Programme of £12bn
  • A £1bn Building Safety Fund to remove unsafe cladding
  • £400m for new homes on brownfield sites
  • Pledge to reform planning
  • £200m for communities repeatedly flood-hit
  • A 2% SDLT surcharge on non-UK residents purchasing residential property in England and Northern Ireland from 1 April 2021

Universal Credit

The Chancellor announced changes to Universal Credit, including allowing claimants to retain more of their benefits each month by increasing the repayment period for advances and reducing the level of debt that can be collected from awards.

Coronavirus (COVID-19)

The Chancellor announced a £12 billion plan to provide support for individuals and businesses, whose finances are affected by COVID-19.

For individuals it includes extending Statutory Sick Pay (SSP) for those advised to self-isolate, and those caring for others who self-isolate, and support through the welfare system for those who cannot claim SSP, as well as a hardship fund.

Importantly for letting agents, Government will support businesses that experience increased costs or disruptions to their cashflow. This includes:

  • A Coronavirus Business Interruption Loan Scheme to support up to a further £1 billion lending to SMEs
  • A dedicated helpline for those who need a deferral period on their tax liabilities.
  • £2bn of sick-pay rebates for up to 2am small businesses with fewer than 250 employees

Read the Budget in full

 

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