Boultons - Magazine - Page 4
PROPERTY MARKET
IMPROVEMENTS:
RECAP ON RECENT
GOVERNMENT ACTIVITY
By focusing on affordability, regulatory reform,
infrastructure investment, and sustainability,
recent government actions signal a positive
step toward creating a more equitable and
dynamic housing landscape across the country
The UK government has recently introduced a series of
progressive measures aimed at stimulating the property
market, improving housing affordability, and promoting
sustainable development. These actions reflect a
comprehensive and proactive strategy to address the country’s
ongoing housing challenges.
INVESTMENT IN AFFORDABLE HOUSING
In the Autumn Budget of 2024, Chancellor Rachel Reeves
allocated £5 billion to housing projects for the coming year. This
funding includes an additional £500 million for the Affordable
Homes Programme, which aims to deliver up to 5,000 new
affordable homes for social rent. The budget also supports
smaller builders and the Build to Rent sector through housing
guarantee schemes, contributing to a more resilient and
diverse housing market. Furthermore, the government has
committed to reducing Right to Buy discounts and allowing
local authorities to retain all proceeds from property sales,
ensuring the preservation of much-needed council housing
stock.
SIGNIFICANT LEGISLATIVE REFORMS
The Levelling-up and Regeneration Act 2023, passed in
October 2023, introduced substantial changes to the UK’s
planning system. Aimed at accelerating housing delivery and
empowering local communities, the Act includes provisions
to establish levelling-up missions, create county combined
authorities with greater decision-making powers, and
implement an Infrastructure Levy to fund local projects. It also
facilitates regeneration efforts, particularly in town centres, and
tackles issues related to short-term rental properties, ensuring
a more balanced housing market.
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PROPERTY NEWS
