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When Chancellor Jeremy Hunt presents his first full budget on Wednesday, he will attempt to address rising inflation and the cost of living crisis, but he is also facing calls from the real estate industry and charities to ease chronic housing shortages across the country.
There are 4.3 million homes to be built in the UK in the coming decades, according to a report from the City Center titled “The Housing Crisis” published at the end of February.
He adds that it will take about 50 years to reach the government’s goal of building 300,000 homes a year.
Most observers agree that the economic and social need for new housing calls for a faster response, but the range of requirements for a chancellor is varied and costly.
The Home Builders Federation says its members are facing an “extremely challenging business environment, especially with ongoing economic uncertainty, energy crises and inflationary pressures, as well as a growing system of anti-development planning and policies.”
It says the country needs looser restrictions on development and better resources provided by local planners.
The body adds that small builders need to be more closely integrated into local planning and the UK needs to become “the world leader in green housing technology”.
The National Native Association says the Treasury should rethink its attitude towards the buy-to-let sector, which it says has resulted in 30% of landlords saying they plan to sell their portfolios.
The group says the government should reconsider capping homeowners on mortgage interest relief, their additional 3% stamp duty and lowering the capital gains tax threshold to £6,000 from £12,300 in an autumn statement last November, which should come into effect. by virtue of. April 6th.
NRLA Executive Director Ben Beadle said: “From students queuing to view properties to helping applicants who are struggling to access homes they can afford, the impact of the supply crisis on the rental market is drastic.
“The brutal truth is that the government’s efforts to discourage investment in this sector are working. But punitive taxation coupled with record demand for rental housing – a disastrous combination that only hurts renters – it’s time to change tactics.
Homeless charity Shelter is paying attention to renters, saying, “The biggest question is, will the government finally take action to lift a three-year housing benefit freeze that has left private renters homeless?”
It says housing allowance has been frozen at 2019 levels from March 2020, and housing shortages have driven rents up.
UK rents hit another record high in February, up 10% year on year to average £1,230 per calendar month for a newly rented home, according to the latest Hamptons figures.
Shelter adds that 54% of private renters on housing allowance suffer from rent-to-payment gaps, leaving them missing an average of £150 a month.
Jeremy Leaf, former chairman of the Royal Institute of Certified Surveyors, says the Chancellor should “increase the supply of quality, energy-efficient homes for rent and purchase.
“Greater availability will keep long-term rents and prices under control, so we don’t want the chancellor to do anything that could lower or jeopardize current activity levels.
List adds: “We want more incentives for new buyers, which will reduce lease renewals and free up much-needed inventory, lower rents and improve standards.
“Encouraging downsizing in favor of the right size, with higher penalties for leaving land or buildings empty, ensures we make better use of the housing we already have.
“Speeding up council tax reassessment so that we all pay our fair share through higher fees for second vacation homes will raise additional funds.”
A full mailbox for the real estate chancellor.
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