Business As Usual Following the Spring Statement
Timed to coincide with the beginning of the new fiscal year, the Budget was historically a platform for the Treasury to reveal some of its biggest announcements and initiatives which would make a real impact on the economy. However, when Philip Hammond became Chancellor he changed things around, shifting the date of the Budget to autumn and converting what was the Budget into the Spring Statement.
The government has long made ‘fixing Britain’s broken housing market’ one of its key priorities. However, overshadowed by Brexit, or lack of Brexit, or I’m not even sure anymore, this year’s Spring Statement will go down in history as a mere footnote.
So did the Spring Statement have any impact on the housing or mortgage market?
It was a positive step to see the launch of a new £3bn Affordable Homes Guarantee scheme aimed at delivering around 30,000 affordable homes. Additionally, the Chancellor announced that new homes will be banned from having fossil fuel heating systems from 2025, “delivering lower carbon, and lower fuel bills”.
There were no ‘rabbits out of the hat’, but there was little expectation of any major revelations.
After much attention in recent times, the rental market was far from the headlines and whilst the Government has certainly not forgotten about it, thankfully – in a similar vein to the Autumn Statement – nothing emerged for landlords to be concerned about.
Meaning it remains business as usual.