Spring Statement shines further light on 300k housing delivery

13 Mar 2018

Policy area: Residential

The British Property Federation has reacted to the Chancellor’s Spring Statement today, welcoming the detail on the Letwin Review, which it believes is focusing on the right issues and raising the right questions. Further details on infrastructure spending will help with housing delivery. The statement brings forward the business rate revaluation by a year, but will be seen as disappointing against the relentless pressures facing the High Street.

Reacting to today’s announcements, Melanie Leech, Chief Executive of the British Property Federation, said:

“Today’s statement shines further light on how the government will seek to deliver 300,000 homes per annum. Last week, there was a raft of welcome planning announcements, but delivery will also require land and infrastructure. We are pleased with the direction of travel of Sir Oliver Letwin’s Review of land build out. The approach he is taking is very well-reasoned, and we believe a part of the solution is a more multi-tenure approach to large sites, including build-to-rent, which is firmly under his microscope. The infrastructure commitments today are not new, but nevertheless vital to cities across the UK that are open to more housing delivery."

“A further important aspect of today’s statement is the increasing role of devolution in housing. The housing deal with the West Midlands Combined Authority is a further welcome milestone in collaboration between local government, national government and Mayors in super-charging housing delivery. The extra money for affordable housing in London is desperately needed.”

“The Chancellor has also pushed forward the business rate revaluation by a year. Moving to a triennial review is something we have advocated for some time, so that business rates bills better reflect economic conditions being felt by businesses. We are therefore pleased to see it being accelerated, but will continue to press for a more comprehensive review of the business rates system, which is looking increasingly outmoded in a multi-channel retail world.”