What does the 2019 Spring Statement mean for the UK property market?

Amidst a series of important political votes concerning Brexit, Chancellor Hammond this week delivered the 2019 Spring Statement. In the lead up to the Chancellor’s speech, political commentators and market watchers feared the Spring Statement would be light on substance, with many downplaying the importance of this year’s ‘mini-budget’.

While such predictions were largely accurate, there was one stand-out moment – namely the announcement of a £3 billion fund to add as many as 30,000 new homes to the market.

Market Financial Solutions’ CEO Paresh Raja was called upon a host of leading press titles, including The Mirror, Mortgage Introducer and Property Reporter, to offer his reaction to this news. He noted that while this reform is a positive, albeit small, step in the right direction, further creative reforms are needed to ensure more people are able to access new property opportunities.

Paresh explains: “Combined with a long-term effort to build more residential real estate, what the market currently needs is creative reforms to ensure more homes are purchasable in the property market, be it through a reduction in stamp duty, incentives for renovating derelict homes or making it easier for buyers to access finance.

“With Brexit now set to dominate the political agenda for the next fortnight, it is once again up to industry leaders to step up and demonstrate the leadership the property market is clearly calling for by pushing for necessary changes to improve the industry.”

Market Financial Solutions has heeded the call, increasing our in-house funding lines, expanding our bridging loan products and targeting regions where there is acute demand for loans. Whatever challenges Brexit might pose, MFS will ensure property investors are able to access the finance needed to complete on a property purchase.

MFS will be exhibiting at the 2019 National Landlord Investment Show on Thursday, 21st March in London. Get in touch with a member of the MFS team to find out more.