Much of the property industry has responded positively to the Chancellor’s Spending Review, with the exception of the National Residential Landlords Association (NRLA).
Rachel Reeves committed to investing £39bn in social and affordable housing; as well as £13.2bn over the next five years for the government’s Warm Homes Plan, a fund designed to install insulation, heat pumps and solar panels.
Matt Hutchinson, director at flatshare site SpareRoom, welcomed the announcement, saying: “This spending commitment should mean a gradual reduction in the amount spent on housing benefit.”
Meanwhile Rob Barnard, intermediary sales director at lender Pepper Money, said: “This spending is much needed to boost housebuilding and unlock the ambition of homeownership.”
The NRLA however raised frustration at the Spending Review.
Its chief executive, Ben Beadle (pictured), said: “Today’s spending review does nothing to tackle the immediate pressures in the private rented market.
“It does nothing to support the delivery of the one million new private rented homes needed by 2031 to meet growing demand.
“It does nothing to support and encourage investments in energy efficiency works to rental properties.
“And it does nothing to support all those renters struggling to find a home as a result of the government’s freeze on housing benefit rates.”