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Autumn statement reaction

Journalist: Becky Bellamy, Mortgage Strategy and Mortgage Finance Gazette

ended 17. November 2022

  • What are your thoughts on today's Autumn statement?

4 responses from the Newspage community

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Justin Moy
Managing Director at EHF Mortgages
Pleased to see minimal impact on mortgages specifically - Stamp Duty stability means we have at least we have just over 2 years without change, and will help incentivise movers and first time buyers, without the need for a panic. Landlords have been largely bypassed, the capital allowance reductions may be an issue if rates don't stabilise soon - that may be a can to kick down the road another day. But I think we all expected the relative increase in taxation, and as a result we should see the financial markets react 'positively' and continue the gradual reduction in mortgage rates we have seen over the last few weeks.
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Craig Fish
Director at Lodestone Mortgages
I think the mortgage market has escaped relatively unscathed from today's announcement. It's good to see that the stamp duty measures will remain until March 2025 during what is likely to be a slower property purchase market. I think interest rate expectations will remain as prior to the statement and as such I expect to see fixed rates dropping further over the coming months.
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Paul Holland
Mortgage Broker at Henchurch Lane Financial Services
Today's Autumn statement will have the intended impact on the market and completes the U-turn carried out on the mini budget announced in September. I imagine markets will respond positively and the mortgage market especially should see some short term improvements as a result. We should see confidence restored to a degree and rates should start to fall in coming weeks. There was some blame placed on things they claim are outside of their control, and some obvious taxation options that were completely bypassed, mainly due to the fact that the Tories are historically reluctant to tax the rich. Overall it will help the UK get back to work and decision making.
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Ian Hepworth
Director at Funding Solutions UK Limited
Hunt's focus on energy independence could be fantastic for the UK. He is promising to invest more in clean and sustainable energy. He has also advised a deal will be signed for a new nuclear plant in the coming weeks. This nuclear plant will attract £700m of government investment. There are some bitter pills to swallow for high earners and SME owners. However, that blow is softened with a windfall tax on energy companies that raises £14bn next year. It does feel as though the burden is being spread. What is interesting is the timing of many of the items he detailed. Many fall after the next general election.