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15th March 2018

Spring Statement 2018 – key points for the property sector

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The Spring Statement was delivered on 13 March 2018 by Chancellor Philip Hammond.

The main announcements made by the Chancellor for the property sector were:

  • the next business rates revaluation will (rather unexpectedly) be brought forward a year to 2021 and will be based on market rental values at 1 April 2019. Reviews will then be every three years from 2021.
  • £1.67 billion will be provided to help build 27,000 more affordable homes in London by the end of 2021-22.
  • the government is working with 44 local authorities on their bids into the £4.1 billion Housing Infrastructure Fund that will help build homes.  
  • the Housing Growth Partnership, which assists small house builders with their finances, has had its budget more than doubled to £220 million.

The Chancellor also commented that the SDLT holiday for first time buyers announced in the 2017 Budget has benefited 60,000 first time buyers, although many commentators have speculated that this is not enough, particularly in London.

On the same day as the Spring Statement, Sir Oliver Letwin also published his interim report on the progress of his review into build out of planning permissions into homes.  The review, announced at the 2017 Budget, is intended to explain the gap between housing completions and the land allocated for housing or with planning permission for housing.  The interim report confirms that the review is focusing on the length of time taken by house builders to build homes on large sites.  The full results of the review are expected at the end of June 2018.      

For more informaiton please contact Ceri Riddell on 01223 532753 or click here to email Ceri.