Chancellor Philip Hammond went in front of Parliament today to discuss the government’s financial standing and the plans for Britain’s spending in the upcoming years.
Not surprisingly, the majority of the budget centred around the nation’s debt, economy, taxation, inflation, wage hike, transportation and plans for greener solutions.
But as far as housing is concerned, there was a lot of repetition from statements past and updates to previous initiatives announced in the Autumn Budget. Some of the key points from the announcement include:
The low property stock available across the UK has been something that we’ve advocated against for a number of years, and although it seems to be an issue that British government’s have promised to tackle time and time again, we hope that Chancellor Hammond and the Conservatives keep true to this promise.
Reaffirming from the Chancellor yet again covering the hot topic of housing, but we still haven’t seen the delivery of promises from previous budgets, so only time will tell if these words will actually equate to action. If it does come to fruition, his pledge of 300,000 homes a year will go some way in addressing the UK’s housing crisis.
Today’s additional announcement of 215,000 homes within the West Midlands region by 2031 will see an already strong area of the UK property market further accelerate where price growth is concerned. Despite uncertainty plaguing the current property landscape, these more affordable regions have seen a sustained level of buyer demand and so this increased investment into the local property market should only see this continue.
In contrast, London has been one of the worst hit in terms of a dwindling appetite for property amongst buyers. While the commitment of 26,000 affordable homes in the capital and a total of 116,000 affordable homes by 2022 would be a step in the right direction, the government delivered just under 7,000 affordable homes in 2017. So, there is quite a large gap between their good intentions and reality and this is simply not adequate enough to fix London’s broken housing market.Russell Quirk