Jamie Johnson, CEO of FJP Investment comments on the importance of the Government’s levelling up agenda and what it could mean for regional property markets.
Hugh Gibbs, co-founder of SearchLand comments on the Chancellor’s funding pledge to encourage brownfield residential development and the Government’s commitment to invest in the digitisation of the planning system.
£1.7bn levelling up funding and impact on regional property markets
Jamie Johnson, CEO of FJP Investment, said: “While today’s Budget may seem light on the property front, if anything this is a testament to the market’s resilience and strong performance throughout the pandemic. As the property market resets after the hectic stamp duty holiday period, limited state interference is likely to be well received by the industry.
“Taking in the bigger picture, there are definitely some positives to be taken from today’s speech. After all, given other areas of the economy are in need of more urgent Government support, we are fully behind the levelling up agenda and the Chancellor’s £1.7 bn funding commitment to address regional disparity. Targeted action is needed to address the UK’s longstanding regional inequalities, which have only deepened in the face of the pandemic, and a greater investment in infrastructure and skills will be key to addressing the longstanding ‘North-South’ divide, accelerate growth and unlock the investment potential of key cities and urban areas across the UK. Property markets across the North of England and Midlands, for example, will benefit from the money being ploughed into regional economies, job markets and productivity.”
Brownfield residential development investment and £65m funding pledge to digitise planning system
Hugh Gibbs, co-founder of SearchLand commented: “This country doesn’t have enough homes. The UK’s affordability crisis has been building for decades and there is an urgent need to deliver more high-quality affordable housing, but the pace of construction is failing to meet demand. As such, the Chancellor’s funding pledge to encourage brownfield residential redevelopment across over 100 areas is a positive step in the right direction, but there needs to be a concerted effort from the government to ensure the homes are fit for purpose and affordable for those in need.
“Construction has a vital role to play in the post-pandemic recovery of our communities and can significantly contribute to the government’s levelling up agenda. We have seen how successive governments have attempted to solve the ongoing crisis by projecting ambitious housing targets, but until the shortfalls of the planning process are addressed, the potential of the UK’s viable land will continue to be wasted to the detriment of individuals’ urgent housing needs.
“While we welcome the Chancellor’s commitment to increase housebuilding, what’s needed now, more than ever, is a seismic shift in our outdated and ineffective planning system, which continues to be a threat to housebuilders’ ability to deliver new homes. A £65 million funding pledge to help digitise the planning system might seem like a positive step, but given the scale and complexity of the task, as well as this Government’s track record with digitisation projects, is enough emphasis being placed on this issue given its immense importance?”
