As expected, the weekend’s financial press focused largely on looking at the impact of Phillip Hammond’s recent Autumn Statement on consumers.
The Telegraph highlighted the disappointment felt by landlords who hoped that the new Chancellor would reverse some of the plans announced by George Osborne, particularly surrounding the stamp duty surcharge.
There was good news for tenants however with the news that letting agent tenant fees were to be banned, and although some expressed concerns that these costs would be passed to landlords and eventually lead to higher rents, others supported the move, suggesting that it is certainly good news for those currently struggling to save up for a deposit on a home of their own. Increased contributions towards house building funds, and a commitment of an additional £1.4bn towards affordable housing were also welcomed.
In other news the Times reported on a major high street bank relaxing its criteria regarding interest only mortgages. Industry experts remarked that lenders in general are gradually beginning to re-assess their approach, although currently this type of loan is more readily available to ‘high-net worth’ borrowers – those with large amounts of equity or a high level of income.
What the papers said about the Autumn Statement