Was the UK Spring Budget 2023 good for housing and the property sector?
- No, the budget missed huge opportunities to address problems faced by the UK housing industry such as:
- Nothing to stop the mass exodus of private rented sector landlords,
- No commitment to housing targets
- No supply side policies to make it easier to build more homes
- No help for first time buyers e.g. a properties a stamp duty holiday or discount
- No age-specific housing policies such as 'right-sizing' tax breaks to free up larger homes
- No long term housing policies to help the aging Uk housing stock get to Net Zero. Stimulants could include introducing zero-rate VAT for building repairs on period properties where work qualify as EPC upgrades.