What about the private rented sector?

Plans for the private rented sector remain conspicuously absent from the upcoming policy landscape, although this could change under the new government.

Former housing minister Mark Prisk said one of the fundamental decisions for the government would be whether it shifts from policy that supports demand, to supporting supply. This could include PRS as well as broader housebuilding initiatives.

He said: “I would not be surprised if he [chancellor Philip Hammond] wanted to shift funding away from expensive demand schemes, especially if their effect is questionable. Supply schemes may therefore get renewed support.”

Former prime minister David Cameron’s focus on home ownership at the expense of all other tenures was a key part of his strategy, but there is growing recognition that it was not the best policy for increasing housing supply.

Susan Emmett, director of research at Savills, said: “While home ownership is the great aspiration, we need a wider variety of tenures, a wider range of products and developers: smaller players, registered providers and propcos doing PRS.

“They do need to look at the bigger picture.”

Despite this, the sector, while growing and seeing policy success in London, has suffered at the hands of national government.

In March, there was the surprise inclusion of institutional rent in the stamp duty hike on second homes. There has also yet to be any clarification of whether it will be excluded from the starter homes policy, or any national planning guidance relating to rental stock.

Jeremy Blackburn, head of policy at the RICS, suggested there might be U-turns on some decisions by the former chancellor.

He said: “George Osborne’s almost ideological picking on PRS, could that be unpicked?”

Planning is key for build-to-rent

Ian Fletcher, director of policy, British Property Federation

Despite the fact that the Cameron government’s main focus was on home ownership, this does not mean that build-to-rent has been sidelined.

There were just nine days between Theresa May’s appointment and the start of recess, alongside a raft of new appointments in the GLA.

Our priority has been to ensure the new faces understand the positive impact on housing supply and communities that the sector can have, and what they can do to help it grow. The counter-cyclical nature of build-to-rent means it can help keep Britain building, should any housing slowdown transpire due to Brexit uncertainty.

Early soundings have been positive, with those we have spoken to very receptive to finding out more about the sector and requesting site visits.

The key really is planning and the extent to which government is willing to commit to a specific treatment for the sector. Not a use-class, but clarity in national guidance about what build-to-rent is and how it should be treated. In return, the sector is unswerving in its willingness to covenant sites for fixed periods and guarantee a quality product.

The government’s to do list

Neighbourhood Planning & Infrastructure Bill: Scheduled for July, but postponed after the Cabinet reshuffle. To be released before Christmas, including changes.
Autumn statement: Philip Hammond says he may “reset” economic policy, big changes expected in government spending and austerity.
Starter homes regulations: Two consultations completed, details awaited on how the proposals will sit alongside local plans and affordable housing commitments.
Business rates: Consultations on rates and appeal reform close in the autumn, with the revaluation due on 30 September. Fiscal neutrality means the £26bn income will be reallocated, not reduced.
Local plan expert group recommendations: Including statutory requirement to produce plans.
Community Infrastructure Levy recommendations: Including compulsory low-level tariffs and integrated charging schedules.
Tax initiatives: Most importantly BEPS, but also business energy tax reform.
Foreign ownership regulations: Work ongoing, but government will require beneficiaries of assets to be revealed.
Direct commissioning: Announced in January, government’s plan to directly fund affordable housing.
Estate regeneration: Proposals from a Lord Heseltine-led group with £140m for the regeneration of sink estates.
Permitted development rights: While controversial policy has been continued, details yet to emerge on whether demolition will be allowed.
Homes and Communities Agency: New chief executive, funding and purpose to be clarified soon. Sir Edward Lister appointed as chairman in July.
Government Property Unit: New roles and objectives to be announced. Former BPF chief executive Liz Peace appointed shadow chairman in November 2015.
London and the London Plan: Affordable housing requirement, increasing housing, new space guidelines and new regulations.