It wasn’t quite the promised Budget for housing (but could any Budget have undone decades of neglect?) though there were welcome steps in the right direction.
International investors, meanwhile, were given pause for thought by the removal of their exemption from capital gains tax.
And with a landbanking review set in train and yet another change to the business rates regime promised, this was a Budget that showed that ministers remain suspicious of this industry.
There was one notable exception. The devolution deal announced for the West Midlands highlights a clear feeling in government that there is real momentum around the region and those in charge can be trusted to deliver.
That feeling is palpable in the region itself. Over the past 12 months the West Midlands has been responsible for the creation of almost one-third of all new private sector jobs in the UK.
The Budget saw further support for the region as a global centre for new automotive development, such as in electric and driverless cars.
There was confirmation of £250m for transport infrastructure. And there was the creation of a new housing delivery team designed to help make inroads in the need to meet demand for up to 200,000 new homes by 2031.
Ministers and civil servants want to ensure that the economic value delivered by HS2 is beyond question.
Just as David Cameron and George Osborne were persuaded that Manchester was a city to which they could confidently devolve power, this government believes in Birmingham.
A Conservative mayor leading the West Midlands Combined Authority clearly helps. The fact that it is Andy Street, whose background at John Lewis extends his credibility beyond party lines, only adds further weight.
But it is the strength in depth in the team that Street has assembled which indicates that the Midlands Engine will be soon be firing on all cylinders.
WMCA chief executive Deborah Cadman has already impressed, while her new head of housing and regeneration, Gareth Bradford, has an enviable track record.
Most recently deputy director of the Department of Communities and Local Government’s cities and local growth unit – and previously a Number 10 appointee working on housing policy – he will be able to add an understanding of Westminster and Whitehall to the region’s thinking.
Next on the agenda is a local industrial strategy. It will be key to driving occupier demand. Last year there were 2,700 more business births than in 2015, with more than 18,000 new start-ups in 2016.
With this deal there is every chance of maintaining that momentum. Street and his team will be closely watched.
■ Congratulations to Demand Logic, the winner of the inaugural EG PropTech Academy. The company saw off five rivals for the chance to claim as much as £150,000 of investment from VC investor Pi Labs.
There were plenty of lessons learnt on the night, not least how daunting it is to go in front of some of UK plc’s brightest minds and persuade them of your proposition.
The headline lessons of pitching to investors won’t be news to many EG readers but they are worth serving up as a reminder: it’s no good just having a good story, you need to tell it well; what difference will your product or service make to customers?; and know your numbers inside out.
To send feedback, e-mail damian.wild@egi.co.uk or tweet @DamianWild or @estatesgazette
