Chancellor Philip Hammond has delivered the 2018 Autumn Budget – the last major fiscal statement before the UK’s departure from the European Union on 29 March 2019.
Prime Minister Theresa May boldly claimed that ‘austerity is over’ at the Conservative Party Conference in early October. As a result, expectations on the Chancellor’s speech were heightened – would the Government really deliver a Budget geared towards greater spender and investment?
The question was particularly pertinent for the property market, which is typically a key focus of the annual Budget but has recently overlooked. Indeed, real estate demand continues to outpace supply, and the Autumn Budget was an ideal opportunity to address the housing crisis – a pressing issue that has so far been overshadowed by Brexit negotiations for the majority of 2018.
The challenge of tackling the issues affecting the property market have been made more complicated in recent years by a string of high-profile cabinet resignations and the failure to keep the same MP in the role of Housing Minister for more than 24 months.
Set against this backdrop, the Budget only took small steps to tackle some of the principal issues facing the property market. While some topics were addressed, the announcement fell short of delivering the creative measures needed for more people to jump and progress up the property ladder.
To delve into the speech in more detail, Market Financial Solutions has reviewed the key policy announcements of the 2018 Autumn Budget, highlighting the reforms brokers, property investors, landlords and developers needs to be aware of.
In the highly competitive property market, awareness of how to navigate the challenges in this sector will remain vital. One such challenge is how to access finance in a timely manner so individuals and businesses can act on investment opportunities. MFS will play its role by ensuring its network of brokers and property buyers are made of aware of the alternative lending options on offer, providing them with access to the capital they need.