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'Disappointing' budget blasted by property experts

Thursday 23 November 2017

Property experts and landlords groups have branded Chancellor Phillip Hammond's Budget as 'disappointing'.

Founder and CEO of eMoov.co.uk, Russell Quirk said the Treasury’s pledge to build 1 million more homes 2050 was 'a story we’ve been told many times before' and said the likelihood of it hitting the ambitious target was 'slim, to say the least' and 'little more than the annual dose of rhetoric and empty announcements of bold plans'.

"The Government must actually execute on a housing plan if the current housing crisis is to be remedied and not just grab headlines with their unqualified so-called intentions," he said. "This problem is not just about money. It’s about action and it’s about listening to experts within the industry for once."

A cut in stamp duty for first-time buyers was 'the only real sign of good intent' which 'may help reignite the property market momentarily', he said, but warned that some might see it as 'a cynical electoral bribe.'

Meanwhile, the Residential Landlords Association (RLA) has acknowledged the Chancellor listened to their plans to encourage landlords to offer longer tenancies, after he announced a consultation on the issue – but are still asking if it’s actually enough?

An RLA spokesperson said: "In its budget submission the RLA asked the chancellor to introduce tax incentives for landlords willing to offer the ‘family friendly’ longer tenancies the Government wants, to offer greater security for tenants.

"Longer tenancies mean greater risks to landlords – due to the prolonged processes needed to regain possession in the fixed term if the tenant stops paying the rent. These risks have been  exacerbated by recent changes to mortgage interest relief."

The RLA welcomes the news the Government is looking at the options, but says it is 'disappointed the chancellor has not take the opportunity to take positive action to support landlords in offering these tenancies now.'

Alex Huntley, Head of Operations at Simple Landlords Insurance, added: “This budget was never going to be everything that landlords wanted, but it’s interesting to see some strong reactions coming out from landlords groups and other property experts.”

Let us know what you think of the budget over on our Facebook page.
 

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