MORNING NEWS: A Budget that should have been bolder

Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of real estate-relevant headlines from the national papers. Real estate professionals found Rachel Reeves’s Budget yesterday lacking, saying that if the government is to deliver on its 1.5m homes pledge it needs to go “much bolder and much further”. Melanie Leech, chief executive of the British Property Federation, said the government should have taken the opportunity to unlock the “billions of pounds” of investment in the build-to-rent sector, adding: “It is particularly disappointing that Rachel Reeves did not take the opportunity to reverse the previous government’s decision to abolish multiple dwellings relief announced in the spring.” Brendan Geraghty, chief executive of the Association for Rental Living, said: “The Budget provided the government with the perfect opportunity to demonstrate its commitment to ‘fixing the foundations’ by putting housing front and centre of its plans, yet it did not go far enough today… The government needs to smooth the road to institutional investment in BTR and implement the recommendations of the recently published Radix Big Tent Housing Commission Report.” Business rates reform also left much to be desired, with a promise to deliver a fairer business rates system labelled as “robbing Peter to pay Paul” and “absolute madness”. John Webber, head of business rates at Colliers, said it was a “dismal day” for the high street and set it up for “potential disaster”. “The chancellor’s announcements concerning business rates today were desperately disappointing,” said Webber. “Despite pre-election promises of business rates reform, nothing of significance was announced. There is to be no consultation, just a discussion document, and the measures announced hardly put a sticking plaster over the gaping wound, rather than bringing in any fundamental reform.” More welcome were moves to boost capacity across local planning authorities in a bid to speed up development and improve what one real estate professional called a “hostile environment”. Extra funding for local authorities should enable an extra 300 planners to be recruited. Gateley Legal planning legal director Mark Iveson said the announcements gave a “resounding clear message”. “The government is intent on delivering growth and investment in infrastructure – including in homes, education and transport – fuelled by changes to the planning process,” said Iveson. “Hopefully we will see new officers at the right level, especially the higher level where the lack of strategic input, accountability and decision-making ability often leads to delay.” There’s also news on the outlook for investment in London as we head towards the end of the year; a dive into green leases; and a podcast interview with our latest Dealmaker of the Month, Elise Evans at Lambert Smith Hampton. All of the news from EG, plus a selection of headlines from the nationals: Lacklustre Budget leaves industry wanting moreBudget moves to address ‘hostile environment’ of planning authoritiesReeves’ rates reforms branded ‘absolute madness’‘The flow is coming’: London dealmakers hope for strong end to yearBoxpark to launch first Boxhall site at London Liverpool StreetAlternative Income posts valuation liftExcel London buys Business Design CentreCOMMENT Can MDCs save our towns?EDITOR’S COMMENT An uncomfortable truthShould ‘green’ become a dirty word?Unicorns and start-ups gallop towards managed officesStrong demand drives up Manchester office rentsCorby shopping centre signs B&MTreasury waves through £56m for Liverpool Waters’ Central Docks schemeEuropa Capital acquires Glasgow BTR blockSt William submits plans for 2,900 homes at Beckton RiversideMaslow finances Harlow homesBuilds Bio+ sets up in London to build US-UK life sciences tiesHarworth cements deal at Stewartby brickworks siteDealmaker of the Month: Elise Evans, Lambert Smith HamptonNuveen and Leon Capital go for Longevity with ‘strategic investment’Stockport MDC begins search for permanent chairRental homes supply will be hit by Budget stamp duty changes, say landlords (£)Investors react to capital gains tax rise (£)Property tax shake-up ‘will cause job losses and closures’ (£)