Reaction to the Spring Budget from the property industry

Following today’s government Spring budget, please see below reactive comments from two companies from the property industry: Anchor and First Time Buyer Group.

Lynda Clark, CEO of First Time Buyer Group, comments:

“I can only hope that the chancellor’s announcements today are enough of an upswing to help the economy avoid a springtime slump. Though focus on homeownership was light in today’s Budget, the truth of the matter is that the coming year will be strategically important in shaping the recovery of the housing sector. First time buyers, inarguably the lifeblood of the property market, have been shaken by the cost of living crisis, the end of Help to Buy and the housing crisis. It is imperative that the Government takes action to bring homeownership back within grasp.

“The cost of living crisis remains a pressure across all demographics, so I welcome the government’s choice to keep the energy price cap in place for an additional three months. This lateral move will ensure that first time buyers, who are traditionally cash and asset constrained, remain in control of their outgoings for the short-term future, and offer much needed security to begin to plan for their next steps. In the long term, affordable homebuying schemes including Deposit Unlock, shared ownership and rent to buy will be the key that unlocks the property ladder for the next generation of homebuyers.

“After a long and expensive winter, it feels as though warmer days are finally around the corner.”

Oliver Boundy, Executive Director of Development for Anchor says:

“It’s disappointing that housing was glaringly absent from the budget today when, as many will agree, it really should be a priority. There is a considerable undersupply of suitable homes for older people. With an ageing population that gap will only widen, and our research shows that interest is increasing – 35% of over-55s say they are likely to consider moving into specialist retirement housing.

“We’ve seen that economic uncertainty and the rising cost of living have also led to a rise in enquiries about downsizing. As ever, it’s important to consider downsizing as ‘rightsizing’, finding the right sized property which fits both physical and financial needs.

“To meet the pent-up demand and deliver the homes our aging society needs, the government must ensure that planning reforms support the development of older people’s housing through a new planning classification for retirement communities, to help unlock the pending investment in the market and incentivising downsizing by introducing Stamp Duty Land Tax relief for older people.”