The Chancellor’s Budget has been criticised by some industry figures for its lack of measures targeting the housing market.

Addressing MPs in the House of Commons, Jeremy Hunt announced several new policies aimed at getting more people into work across the UK, led by key reforms around pensions and childcare.

However, a lack of attention to address the the nation’s homeownership crisis has been labelled a “missed opportunity” by the chief executive officer of Leeds Building Society, Richard Fearon.

While the society’s CEO welcomed the Budget as “an effort to return sound economics to the heart of government”, he also expressed disappointment that there were no commitments towards increasing housing supply.

“It is a missed opportunity to grow the economy by addressing the UK’s homeownership crisis caused by a lack of housing and show support for savers,” Fearon said.

“While it is particularly positive to see support for families with young children struggling with the cost of childcare, we know that owning your own home also brings huge economic, education and health benefits.

“With the affordability of homeownership now at its worst point for 150 years it is clear that support for first-time buyers must be a key battleground at the next General Election.”

Responding to the Treasury’s latest wave of fiscal policies, chief revenue officer at Phoebus Software, Adam Oldfield, also highlighted the lack of action on stamp duty in Hunt’s Budget.

“We were told not to expect a Budget with sweeping changes and unfortunately, as far as the housing market is concerned, that’s exactly what we got,” Oldfield said.

“There were measures to alleviate the rising cost of living and get more people back into work, which may give a boost to confidence. However, it is clear that the growth the government is expecting to see from the measures announced in the budget is not expected to come from the housing market, despite growth being a priority.

“Once again, despite many calls for change, the Chancellor has skipped over Stamp Duty Land Tax. The antiquated tax is a costly barrier but unfortunately, at over £14bn last year, it contributes far too much to the Treasury’s purse.”

Share Story: