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RICS disappointed by the lack of housing measures in Jeremy Hunt’s first full budget

RICS disappointed by the lack of housing measures in Jeremy Hunt’s first full budget
Source: The Negotiator

The Royal Institution of Chartered Surveyors (RICS) has expressed disappointment with Chancellor Jeremy Hunt's recent budget, citing a perceived lack of comprehensive housing measures. RICS acknowledges the budget's likely characterisation as "safe" but points to enduring challenges such as limited housing stock and rising rents that persist despite the budget announcement.

According to RICS, there is a need for strategic investment and support to create housing stock in suitable locations and tenures. The institution emphasises the importance of political will to address these challenges, proposing avenues like new builds and standards-driven conversions following the removal of housebuilding targets.

Simon Rubinsohn, RICS Chief Economist, suggests a reevaluation of the Stamp Duty system, which is viewed as inhibiting sales activity. He proposes a stamp duty break for downsizers to encourage and enable them, particularly in cases where Stamp Duty acts as a barrier to downsizing plans.

While RICS acknowledges the re-ignition of investment zones in specific parts of the UK to stimulate regeneration, it underscores the importance of complementary policies. RICS advocates for updated planning rules, a business rates discount for new builds, and a continued focus on sustainability and quality to support communities in these zones. The institution also calls for additional funding for regeneration and the devolution of powers to regional mayors, specifically in the West Midlands and Greater Manchester.


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