Autumn budget comment

Autumn budget

Reactions from the industry to the autumn budget

Tim Davis, managing partner South West & South Wales, Cushman & Wakefield

“The £540m for investment in infrastructure across the West of England is a big boost towards improving local transport in terms of new segregated bus lanes, cycling and walking routes. In fact, it’s more money per head than any other city region. The funding will allow more people to use sustainable modes of transport, ease local traffic concerns and help the region meet our collective Net Zero targets for 2030.

“The £2bn extra funding to encourage new housing development on brownfield land is promising as they are typically more complicated to bring forwards and involve longer lead times, which is a key consideration for the private sector who are primarily responsible for building new homes. It is questionable whether the focus on brownfield alone will help meet the ambitious annual target of 300,000 new homes per annum. In the end the private sector will not look to oversupply the market. 

“The investment in ‘pocket parks’ in urban areas is a step in the right direction towards much needed place-making for our towns and city centres if they are to become sustainable places to live and work, and locations that attract top talent.

“The 50% cut in business rates for retail, leisure and hospitality will have a real impact on traditional retailers and independent businesses across in these sectors who are still recovering from the economic turmoil caused by the pandemic. It supports the mission to revitalise our high streets and regenerate towns and cities.”

Marc von Grundherr, director of Benham and Reeves

“Disappointing to see such a brief mention for the UK property market in today’s budget. The chancellor has chosen to give the sector a bit of the cold shoulder with just a handful of headline figures, clearly believing his job is done having fuelled house prices to record highs via the recent stamp duty holiday. 

it will be a miracle if we see a brick laid on brownfield land
or a meaningful level of affordable homes delivered in our lifetime
Marc von Grundherr

 “We need more homes to satisfy our ever-growing appetite for homeownership and an insignificant level of brownfield development is more of a slap in the face than it is an outstretched hand. As for the £11.5bn pledged for 180,000 affordable homes, it’s a start, but hardly news given it was announced by Robert Jenrick a year ago. 

“It simply isn’t enough and with the government consistently failing to meet their previous housebuilding targets; it will be a miracle if we see a brick laid on brownfield land or a meaningful level of affordable homes delivered in our lifetime.”

James Hyman, head of residential at Cluttons

“It is disappointing that the chancellor has not reached out further to help private landlords, many of whom have struggled through the pandemic, being hit by lower rents, longer void periods and the extension of notice periods to six months.

“We need to support these landlords who are doing so much to assist the government to solve the UK’s housing crisis right now, with no support or tax relief in return. With a 3% surcharge to enter the market and the looming fear of increased capital gains tax on the horizon, what incentive is there to being a private landlord right now?”

Russell Glimstead, regional director of Barratt David Wilson Homes South West

“We welcome the support for housebuilding, increased investment in the planning system and the opening up of more sites on derelict and brownfield land. It is vital that we continue to increase housing supply to tackle the country’s shortage of homes, helping to create jobs and economic growth.

“Equally, it is really positive to see support for improving the efficiency and sustainability of new homes – we are helping to lead this with the new Z House.”

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