Once again, despite many calls for change, another Budget that seemingly failed to address growing pressures on the PRS and another missed opportunity for housing reform. Jeremy Hunt says he has set out a Budget for UK growth – but the property industry argues it has been given the “cold shoulder” by the Chancellor.
Given that the Budget in March 2023 was designed to boost economic growth, it was somewhat surprising that housing was completely overlooked. Not even given a mention by the chancellor Jeremy Hunt.
With no fresh support for first-time buyers, a failure to provide solutions to the widening supply-demand imbalance in the market, and nothing to incentivise buy-to-let landlords to continue investing in the PRS, the property industry reacted rather negatively to the Budget statement.