Spring Statement reaction statement from Bobby Singh Braich, Managing Director of Belvoir branches in Kettering and Corby:
“Although today’s Spring Statement was not as focused on the property market as last year’s, there were some measures announced that will have an impact on the industry.
“One key issue that was highlighted was the current cost of living crisis we are all facing. Despite the fuel duty cut, with rising energy bills, food prices, and increases in inflation and interest rates, there is a very real affordability issue which could affect tenants securing rental properties and would-be home purchasers being accepted for mortgages.
“There was some help announced for families, such as the doubling of the government’s household support fund and increasing the National Insurance threshold, which will hopefully give a much-needed cash injection to those struggling to pay bills but, in my opinion, it does not go far enough.
“At the moment, and has been the case since the start of the pandemic, the demand for properties – both sales and lettings – by far outweighs the housing stock available which continues to drive up prices.
“I think, going forward, we can expect to see a trend for downsizing to save money. Those renting may now also face more stringent credit and affordability checks from landlords.
“Whatever happens, we will work with our landlords, tenants, vendors and purchasers to support them in any way we can, whether that be through our Rent Guarantee Scheme for landlords that sees them still receive rent if their tenant can’t pay, or through helping vendors to sell their properties quickly and find something smaller to purchase.”
