Money talks

Liz Peace, chief executive

‘The measures designed to support housing sound impressive but it is not wholly clear how much new money is really on offer and how easy it will be for developers to access these funds – a large part of which must be spent this year. As for the plans announced to help with mortgage repayments, these have not received exactly enthusiastic support from the banks, while the extension of the asset backed securities scheme is exactly what was suggested – and ignored – last November.

‘The one crumb of comfort for the industry concerns a paragraph buried in the Budget report stating that the Treasury will now look seriously at the concept of allowing local authorities to use borrowing against future tax revenues to fund infrastructure. This is an idea that we have been pressing for some time; it’s good to know that our voice has been heard.’

Peter Cosmetatos, director for finance and investment

‘This was a very disappointing Budget for the property industry. This government, which has been willing to throw countless billions at a pointless cut in the VAT rate and at the financial sector, has refused to listen to a small number of sensible, targeted industry representations which would have entailed little (and in some cases no) cost to the Exchequer and which would have given valuable support to businesses in the current environment.

‘The chancellor also passed up the opportunity to introduce a stamp duty relief for bulk purchases of residential property, which would have brought liquidity to the housing sector and encouraged greater institutional investment in the private rented sector at exactly the right time in the cycle.

‘This was a Budget of missed opportunities from a government that seems to have lost its way.’

Ian Fletcher, director of residential policy

‘This year’s Budget provides very little surprises that are either nasty, or pleasant. Given the state of the public finances it is not surprising that the chancellor has had very little room to manoeuvre. Whilst any money for housing recovery is welcome, it has to be seen against the scale of the problem, with housing development at its lowest ebb in living memory and millions wanting a home.

‘We continue to work with the Homes and Communities Agency to progress an initiative that could see institutional funding going into quality market rented accommodation, aiding housing recovery and providing much needed housing. We hope to report progress on this shortly.’

Chair of the BPF Community Infrastructure Fund Working Group, Stephen Ashworth, partner at planning lawyers Denton Wilde Sapte LLP

‘CIL [which was delayed in the Budget] was never going to be in place by 2010. Critical matters are still being discussed such as how to ensure that CIL is set at a level that does not stifle development, how to cut back planning agreements so that developers aren’t charged twice and identifying a clear way for local authorities to waive CIL in exceptional cases.’

Patrick Brown, senior policy adviser

‘Buildings account for just under half of total UK carbon emissions and we welcome the introduction of carbon budgets today and we look forward to publication of the government’s energy and climate change strategy this summer.

‘The strategy will set out the policies which the government will use to meet its carbon budgets. Though responses to government consultations on existing homes and non-domestic buildings will be included in this strategy, it seemingly will not include consultations on key issues such as zero carbon new non-domestic buildings expected much later in the year or possibly the final shape of the carbon reduction commitment, currently under consultation.

‘Though we appreciate that policies need to be kept under review, the government will need to steer a very careful path between adjusting policies in light of new evidence and maintaining a framework which the industry can embrace and respond to.’