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Budget 2009 REACTION: Housing stimulus offers little more

Property specialists CB Richard Ellis today said Chancellor Alistair Darling’s £1 billion housing stimulus package is little more than an extension of the pre-Budget measures in November.

Head of residential Nick Jopling said: “As that has so far failed to have any significant impact on the residential market to date, I can only hope that today’s statement acts a catalyst for change.

“Too much focus has been placed on owner-occupation and the Government should not be embarrassed about saying ‘it’s alright to rent’.

“A vibrant private rented sector can support economic growth in today’s challenging economy by providing flexible living arrangements.

“This is essential to ensure new jobs and employees can be matched up wherever they are located and encourage a dynamic economy.

“It is therefore a shame that the Government has failed to realise its potential in the Budget announcement.”

“There is an assumption that build-to-rent is predominantly focused on apartments, but any property type could be catered for in the model’s agenda, including much needed family houses.”

“A professionally managed and owned private rented sector provides an ideal stepping stone between affordable housing and private ownership, acting as a basis for mixed tenure communities that will become desirable places to live in the future.

“There is nothing in the Budget to specifically encourage the building of sustainable communities.”

“The Government should look toward the US multi-family model, which is the best example of how build-to-rent can work in practice.”