Measures in the Autumn Budget designed to help boost the UK’s residential and commercial property market have been welcomed by Bruton Knowles.
James Bailey, managing partner, said he hoped that Nottingham would benefit from some of the £1bn Government funding earmarked to help support high-value infrastructure projects.
He said: “Some of this new investment is needed to ensure that we set aside plans to reap the benefits of HS2 in our city. It’s an opportunity we simply cannot miss.”
James said he was encouraged to see the creation of Housing England – formerly the HCA – as the Government explores new ways to tackle the UK’s housing shortage and looks to accelerate its homebuilding programme.
He added: “Plans aimed at persuading landlords to offer longer tenancies, and efforts to bring vacant homes into use by allowing local authorities to raise council tax premiums from 50% to 100%, could also help.
“I’m keen to learn the outcome of the planned review on how land is being allocated for housing, and see if it will help improve and streamline planning regulations in our region where many brownfield sites are still ripe for development.”
Philip Hammond’s surprise decision to cut stamp duty by exempting it on homes costing up to £300,000, will certainly appeal to first-time buyers, added James.
He said: “It’s good news for the city as it could increase retention of our student population from the current 21% to a figure more aligned to cities such as Birmingham and Manchester.”
Additionally, James is also optimistic that devolution deals in the East Midlands and potential future elected metro mayors could bring further benefits to Nottingham - as long as collaborative councils and local politicians share the same vision.