Most people, let alone politicians, accept that we are in the midst of a housing crisis, so we hope that the Chancellor addresses this, particularly the continuing shortage of social and affordable housing for sale and rent in areas of high demand.
We have heard many encouraging words since the change of government but change on the ground is simply not happening fast enough.
Uncertainty is the enemy of investment and the cost of doing nothing is far higher.
Investing further resources in trying to accelerate housing supply will help retain and attract employment, improving job/social mobility as well as economic growth.
PLANNING ISSUES
For instance, on planning, recent research from the Home Builders Federation found that Section 106 agreements are delaying consents by over a year on average so much-needed accommodation is delayed or lost.
Further obstacles to delivery will not help the government reach its target of 1.5 million new homes by the end of this Parliament.
Action to address the issues is not just about building but making better use of existing stock by more encouragement of refurbishment and conversion as well as better use of un- and under-used land and buildings, such as empty property and brownfield.
We want to see transaction numbers increase, greater balance between supply and demand and more assistance for first-time buyers who won’t be helped by another boom and bust in prices.
LETTINGS
As far as lettings are concerned, landlords need certainty and tenants, not just in the private sector, seek security.
The chronic shortage of homes to rent, especially in London and other cities has been exacerbated by the rising number of short lets.
I note that earlier this year, the Office for National Statistics predicted a population increase of 6.6 million in the UK by 2036, the highest net migration in Europe as well as a significant increase in pensioners – all continuing to add to demand for housing.
There are still too many people living in temporary accommodation as it is.
Approximately 25% of private sector tenants are said to receive housing benefit. Landlords are fulfilling a role which local authorities are unwilling or unable to perform.
We need better enforcement of existing rules and for short-term accommodation. Without more comfort on regaining possession from tenants in substantial arrears or disruptive to other occupiers, landlords will be reluctant to remain in the sector, or add to portfolios.
Repairs and improvements will also be delayed, resulting in a drop in stock and quality as well as upward pressure on rents.
Jeremy Leaf is a north London estate agent and a former RICS Residential Chairman
