Budget 2018: did Hammond’s budget deliver?

This year’s Budget came at a crucial time for the property industry. Against a backdrop of the UK’s escalating retail crisis, insecurity over the country’s imminent exit from the EU, and the housing crisis faced by ‘generation rent’, the sector wanted answers. The chancellor had pointed to a series of measures that could offer real support to the industry, such as an internet sales tax, which could alleviate the current imbalance between physical stores and their online retailers. The government had also already promised to lift the cap on council borrowing for new developments, which could ease the lack of housing supply. But to what extent has Philip Hammond addressed the property sector’s lengthy wish list? Follow all the latest updates from the Budget affecting the property market here, from commercial to residential, and tune in to our podcasts with industry specialists for their reactions to the announcements. EG’s BUDGET COVERAGE Bookmark this page to keep up to date with the latest reactions from the industry and tweet @estatesgazette with your views using #EGBudget.   [siteorigin_widget class=”WP_Widget_Custom_HTML”][/siteorigin_widget] Property’s point of view: reaction and analysis from the industry BUDGET 2018: CBRE UK’s Miles Gibson, and Colliers’ Oliver Kolodseike, give their views. Budget 2018: Great Marlborough Estates’ Dean Clifford discusses the announcements. BUDGET 2018: Toscafund’s chief economist reveals his property wish list. [siteorigin_widget class=”EGi_Top_Stories_Widget”][/siteorigin_widget] Budget 2018: Live feed 4.28pm: Hammond announces £500m for housing infrastructure fund, to support 650,000 new homes. 4.26pm: Hammond announces £500m for housing infrastructure fund, to support 650,000 new homes. 4.21pm: Business rates to be cut by one third for firms that have a rateable value of less than £50,000 – ahead of the next revaluation in 2021. https://twitter.com/Frankandbrown/status/1056946612042391553 4.19pm: Government pledges £675m for councils to transform their high streets. High streets need to adapt, Hammond says. https://twitter.com/JamesChildEG/status/1056942778133962752 4.16pm: Hammond says this will raise £400m a year. 4.15pm: Hammond announces ‘Amazon tax’ – a UK digital services tax on UK generated revenues – will target tech giants rather than start ups; it is not an online sales tax. 4.08pm: Lots of promises in quick succession: the government will abolish PFIs for future projects; annual investment allowance increased to £1m for two years… 4.04pm: Hammond pledges £1.6bn for new investments in a modern industrial strategy and £150m to attract talent from across the world. 3.46pm: “Fiscal Phil says fiscal rules okay,” Hammond says – deficit estimated to fall to 0.8% GDP by 2023-24. 3.40pm: Hammond is confident the UK will deliver a Brexit deal, but will “retain firepower” to prepare for every eventuality. 3.35pm: Philip Hammond gets under way with a budget to “pave the way for a brighter future”. EG will keep you updated on the latest from the Autumn Budget. https://twitter.com/hmtreasury/status/1056942074271072258 How will the Budget affect real estate? Dear chancellor: Five property demands for the Budget The Tory conference was peppered with new proposals aimed at “generation rent”, cash-strapped councils and buy-to-let landlords. But will chancellor Philip Hammond firm up details of these when he unveils his final proposals on 29 October? And what else does the property sector have on its wish list for this year’s Budget? Here are the industry’s five biggest asks of the speech. Click here to find out more… Will May woo London councils away from Labour funding? Theresa May’s pledge to lift the strict cap on council borrowing for new developments could be seen as a way of wooing more London councils away from Labour funding. But views are divided as to whether more councils will turn down Labour funding, with some suggesting grants from the Greater London Authority – run by London mayor Sadiq Khan – will remain at least a first port of call. Click here to find out more… Will an ‘Amazon tax’ cure retail’s ails? Chancellor Philip Hammond has stepped up the call for online retailers to face a tax on their revenues. Read more… Barrier to new homes target A range of sizes, pricing and tenancies are needed to boost completed homes figures, says Savills in its recent home build analysis. Read more… Foreign stamp duty and development Prime minister’s proposed stamp duty hike for foreign investors into residential property slammed. Read more… May to lift council borrowing cap A cap on the amount councils can borrow to fund new developments “doesn’t make sense”, says the prime minister. Read more… Rent regulations The housing minster says the government loves the PRS but is looking to regulate renting further to win the vote of generation rent. Read more… EG’s verdict: Did Hammond deliver? EG looks back to the Autumn Budget 2017, exploring whether Hammond’s proposals were enough. Take a look back… #Budget2018 on social media https://twitter.com/Colliers_UK/status/1056951013612105729 https://twitter.com/hmtreasury/status/1056942074271072258 https://twitter.com/JamesChildEG/status/1056942778133962752 https://twitter.com/JamesChildEG/status/1052638912076607488   https://twitter.com/JamesChildEG/status/1056971533501980674   https://twitter.com/EstatesGazette/status/1052585325078433792 https://twitter.com/annaroxelana/status/1057205993870934017   https://twitter.com/DanielFLyons1/status/1052535247664046081 Image credits: Theresa May – (c) Paul Grover/REX/Shutterstock | Man in lounge – (c) WestEnd61/REX/Shutterstock | Philip Hammond – (c) Ben Cawthra/REX/Shutterstock [siteorigin_widget class=”WP_Widget_Custom_HTML”][/siteorigin_widget]