Following the departure of Amber Rudd, the reorganised cabinet sees James Brokenshire take over as the new Secretary of State for Housing, Communities and Local Government. He has been swiftly returned to senior office after he had to step down as Northern Ireland Secretary owing to illness. His relationship with the Prime Minister is significant because it makes it much more likely that Theresa May’s vision for the housing market will become a reality.
So, what exactly is this vision? Looking through last year’s White Paper, a lot of the substance is mostly the position which successive Governments have taken - that the UK needs to build more homes. The government has most allied itself with the idea that developers are the ‘bad guys’ for land banking. Land banking is the practice of buying up land and waiting until the value of that land rises - perhaps indefinitely - instead of building homes. As a result, builders may be financially disincentivised to build. While this accusation is not without merit, the whole process is quite complicated.
We are most concerned with the prime markets around the UK, so what might the changes mean for this segment of the residential market? The answer is probably ‘not much’. The market is still feeling the effects of the Stamp Duty hike, and we can’t see that being changed any time soon.
Click here to read the full housing market report.
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