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George Osbornes name has again been a hot topic throughout Britain with an increased focus on the Welfare system in his recent 2013 spending review. This potentially has a large impact on landlords and tenants as newly introduced caps are likely to put the squeeze on rents and free income.

A wide range of newly introduced restrictions to welfare claims have been outlined. Housing Benefit, Tax credits and Disability Living allowance will all likely be affected by the new cap on overall government welfare spending. 

First, as I said in the Budget, we are going to introduce a new Welfare Cap to control the overall costs of the benefits bill. We’ve already capped the benefits of individuals – now we cap the system as a whole.Under that system we inherited, welfare spending was put in a category called Annually Managed Expenditure. George Osborne 2013

When questioned on the housing shortage facing Britain, Mr Osborne committed the government to investing in greater insfrastructure, which will include £3bn to build £165,000 new homes. On top of this he committed to the government selling land owned by then to the private sector to further boost home building by private developers.

There wasn't much relief for property owners, however one piece of good news is the continuation of freezing council tax levels unitl 2016.

If you accept tenants who are in receipt of benefit this cap could have an implication to their income make up and result in issues with your rent. We'd encourage you to check with your tenants regularly to make sure that the affordability of rent is there.

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