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The Government’s Budget Statement

11 March 2020

The Government’s Budget Statement

Comment from Philip Jordan, Chief Executive, Henry Adams

The economic support measures set out by Rishi Sunak in the Budget today brought a level of reassurance with wide-ranging investments and assistance for businesses, organisations and individuals.

Nurturing the economy through the current challenges with the aim of stimulating business growth, and looking ahead to ensure the country’s prosperity in the longer term, was certainly to be welcomed.

However, there was little to impact on housing specifically, beyond the confirmation that the Stamp Duty surcharge of 2% on property bought by overseas buyers will come into effect from April next year. This is unlikely to have much impact on our markets in West Sussex, Surrey and Hampshire, areas which primarily have a reasonably local marketplace together with a number of buyers choosing to move out from London and the Home Counties to the region for its coast, countryside and lifestyle.  

Reforms to the planning system are due to be announced in the coming days and we await further details.

It was, however, encouraging to hear of the extension of the Affordable Homes Programme, further assistance for social housing and, importantly, investment in local infrastructure which is very welcome and we hope to see this translate into real assistance for our high streets and local communities as a result.

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