Here are the Government's latest property promises

Chancellor Rishi Sunak this week delivered a number of property-related promises in his Budget and he was swiftly followed by Housing Secretary Robert Jenrick setting out proposals to “bring Britain’s planning system into the 21st century”.

A cheer went up when the Chancellor revealed a £1bn fund for the removal and replacement of all unsafe cladding, rather than just ACM – aluminium composite cladding, on apartment buildings of 18 metres or higher. Apartment owners have been forced to spend thousands on 24-hour firewatch patrols in order to satisfy fire safety and stay in their homes.

The bands of “Cladiators”, who have fought valiantly for help, welcomed the new fund, but haven’t called off their campaign as they say “the devil is in the detail”.

There are also concerns for those living in properties under 18 metres high that are clad in combustible material. The Budget also committed £12bn for the Affordable Homes Programme and £650m to help around 6,000 rough sleepers into permanent accommodation.

There was £400m to clean-up and decontaminate brownfield land and make it fit to build homes on. Other announcements that could benefit the property market included a £5bn pledge to bring full fibre and gigabit-capable broadband to every home and business in the UK in the next five years, including hard-to-reach areas. A lack of high speed broadband can affect house sales. The £2.5bn fund to fill in potholes may also improve property values on roads and streets blighted by them.

Nick Whitten, Head of UK Living Research at JLL welcomed the Chancellor’s announcement to provide additional infrastructure funding.

He said: “It is a welcome step in the right direction to enable new housing development.

“A lack of social infrastructure, such as sufficient schools, GP surgeries, roads and better public transport connections, is often cited as the blocker for new housing developments making it through the planning system. This fund should be the key to building thousands of new homes.”

While it was all spend, spend, spend, there may be some income for the Exchequer via the two per cent surcharge on stamp duty for non-resident overseas home buyers, which will come into force from April 2021.

Mark Manning, MD of Yorkshire-based Manning Stainton estate agents, says the Budget was a disappointment for the housing market but welcomed an earlier announcement by the Bank of England, which has cut the main interest rate to 0.25 per cent from 0.75 per cent in a move to combat the economic fallout from coronavirus.

Mark says: “This week’s interest rate cut was good news for the housing market and will encourage continued activity as buyers are incentivised to take advantage of reduced mortgage rates, which are already at an all-time low and will now fall even further. However, I would have liked to have seen a stamp duty reduction for people over 60 who want to downsize.

“This would free up many larger, family homes that are so desperately needed and it would help get the whole market moving.

“I’m also disappointed that the Help to Buy and First Home schemes were not mentioned as there is currently huge uncertainty around both.”

Landlords were also left downhearted. Both the Residential Landlords Association and the National Landlords Association say that the Budget failed to tackle a lack of private rental supply, which is pushing up rents.

Robert Jenrick’s action plan includes encouraging councils to ensure the redevelopment of high streets is housing-led and to build upwards and above and around stations. Next month, he will launch a register of brownfield sites to encourage councils to make the most of this land first.

Under new plans now being consulted on, developers will be able to demolish vacant commercial, industrial and residential buildings and replace them with well-designed homes without getting delayed in a lengthy planning process.

The Government will also review how local authorities assess how many homes are needed in their area and incentivise those that deliver on those numbers. Those with no up-to-date Local Plan by December 2023 will face Government intervention.

A Planning White Paper is also in the offing, which looks set to reform the planning system by speeding up the decision-making process. Mr Jenrick says good design and place-making will be at the heart of the new system, championing tree-lined streets, a “fast track for beauty” and a commitment to lower carbon emissions in all new homes.”