The budget. A commitment to housebuilding. Increase in social housing.
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The Budget
The budget has been released and businesses and taxes rises to the tune of ￡40 billion are in motion.
Businesses will be making up half of this, largely through increases to National Insurance Contributions from an employer, and decrease at what point they are made from ￡9,100 to ￡5,000. However other measures such as an increase in Capital Gains Tax and VAT on private school fees.
Impacting the housing market, stamp duty will increase to 5%, potentially straining transactions/
The market for the pound dropped ahead of the budget, however bounced back during so no measures announced by the Chancellor of the Exchequer ought to rock the market.
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Government commits to addressing housebuilding recommendations
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The UK government responded to the Competition and Markets Authority’s recommendations to improve housebuilding, introducing a consumer code for developers and a New Homes Ombudsman to address quality complaints.
The government also supports measures against unfair private estate fees and will adjust the National Planning Policy Framework to meet housing targets.
These actions aim to improve housing quality, transparency, and affordability while accelerating construction.
Social landlords continue to build new homes, according to RSH statistics
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The Regulator of Social Housing’s latest report shows a continued increase in social housing across England, with nearly 43,000 new social homes added from 2023 to 2024.
?Growth was driven by Affordable Rent and low-cost ownership properties, mainly through private registered providers. Energy efficiency in these homes has improved, with most reaching EPC-C ratings or higher.
Additionally, nearly 42,000 properties were updated to meet Decent Homes Standards. Rents rose by 7.2%, consistent with annual limits, although rates varied by region.
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