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2019 Spring Statement: Key Property Announcements

Reasons to choose Wilson Browne

The Chancellor, Philip Hammond, delivered the 2019 Spring Statement on 13 March 2019.

The annual Spring Statement is an opportunity for the Chancellor to report on the overall health of the economy; it does not include major tax or spending changes as these are made annually at the Autumn Budget. As expected, the 2019 Spring Statement contained nothing surprising or significant for property practitioners and the property-related announcements mostly refer to increasing housing supply.

In the Autumn Budget 2017, the government set out a comprehensive package of new policies to raise housing supply to 300,000 new homes a year (on average). The 2019 Spring Statement sets out or reiterates further steps to deliver this including:

  • A consultation on Infrastructure Finance,  seeking views on how the government can best support private infrastructure investment.
  • Affirming the government’s commitment to publishing a comprehensive National Infrastructure Strategy.
  • Guaranteeing up to £3 billion of borrowing by housing associations in England to support delivery of around 30,000 affordable homes through the Affordable Homes Guarantee Scheme.
  • Allocating £717 million from the £5.5 billion Housing Infrastructure Fund to facilitate up to 37,000 homes at sites including Old Oak Common in London, the Oxford-Cambridge Arc and Cheshire.
  • An additional allocation of up to £260 million for the Borderlands Growth Deal.

£60 million of investment in ten cities across England has also been allocated from the Transforming Cities Fund announced in the Autumn 2017 Budget. This will fund 30 new schemes such as bus station upgrades, new cycle lanes and road improvements.

If you would like any advice regarding Commercial Property, contact our Specialist Team

Tom Warrender

Posted:

Tom Warrender

Partner

Tom is a Solicitor and Partner with 14 years + experience advising clients in relation to commercial property matters. A Legal 500 recognised lawyer, Tom is a member of SHLA and CRELA, sits on our Board of Management & Heads our Social Housing Team.