Mr Hammond will deliver his first major statement since being appointed chancellor of the exchequer by Theresa May, following the decision to leave the European Union, on Wednesday 23rd November 2016.
Here, he will outline the government’s upcoming plan to boost the economy and where public finances will be spent.
Since the EU referendum result and the appointment of Mrs May as prime minister, there have been very few major changes to the government’s housing strategy.
Theresa May becomes PM following the resignation of David Cameron
The most notable development has been the appointment of Gavin Barwell as minister of state for housing and planning after Mrs May removed Brandon Lewis from the position.
On coming to power, Mrs May stressed the importance of tackling the housing deficit, while the government also confirmed that major infrastructure projects such as HS2 would be continuing.
The high speed rail project is set to continue
So to look forward to the government’s first major policy announcement under Mrs May, Development Finance Today caught up with a number of property professionals to find out their hopes, predictions and expectations for the Autumn Statement.
‘Keeping the housing market moving is a critical part of the success of our economy’
James Bloom, managing director of development finance at Masthaven, felt outlining clear housing policies were crucial for the economy.
“Keeping the housing market moving is a critical part of the success of our economy.
“This has to include schemes to help make the first step on the property ladder affordable to first-time buyers and to support our SME housebuilders as they look to plug the gaps in housing demand.
“In a post-Brexit environment, policy commitment to this market is key to delivering certainty and long-term investment.”
Carl Bowcher, director of property development at Oblix Capital, felt that it was too early for the market to change dramatically.
“I don’t expect to see a huge shake up in the Autumn Statement.
“I believe it will continue to focus on the supply-side of the housing equation.
“In particular, the chancellor may provide assistance to local planning and create a ‘Help to Build’ fund for SME developers, similar I guess to the Help to Buy schemes that are currently available.”
‘I am hoping that we see a fiscal stimulus’
Sam Howard, chief operating officer at Regentsmead, wanted the government to attempt to solve the supply issues in the housing market.
“Regarding the Autumn Statement, I am hoping that we see a fiscal stimulus as well as measures to confront the chronic lack of supply of homes and the archaic planning system.
“At Regentsmead, we are committed to getting Britain building again, but we need [the] government to act and not just say they want to see more houses built.”
In July, property professionals called on Mrs May to ease planning restrictions as well as freeing up more land for developers to help stimulate housebuilding.
We will have to wait until 23rd November to have a clearer idea of the government’s plans to energise housing growth and improve home ownership.
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