Peter George: Will the Autumn Budget Get London Building Again?
Has the Autumn Budget given London what it needs to get building again, or is there still a huge gap between government ambition and the money available to deliver it?
In this special episode of Propviews, Nick Cuff and Oliver Lowrie are joined in person by Peter George, Strategic Director of Economy & Sustainability at the London Borough of Ealing, to unpack what the UK Government’s Autumn Budget really means for London’s housing market, regeneration and economic growth.
While much of the reaction to the Budget has been underwhelming, Peter sees reasons for optimism, particularly around devolution, infrastructure investment and the West London Orbital railway. But when it comes to housing delivery, the numbers tell a more difficult story. With £1.5 billion in additional affordable housing funding announced nationally, against an estimated £16 billion gap in London’s housing ambitions, is the government doing enough to get development moving?
The conversation explores whether the return of Help to Buy under the Your First Home programme will make any real difference in London, how new fiscal powers could reshape the relationship between the Mayor and local authorities, and whether the planning system is becoming more permissive while development itself becomes less viable. Nick, Oli and Peter also tackle the growing difficulties of delivering homes on brownfield sites, the challenges facing new-build flats, and whether build-to-rent, stamp duty reform and a simpler system of developer contributions could help unlock investment. And with Ealing reporting some of the highest affordable housing starts in the capital, Peter shares what the borough is doing differently and why getting money into deliverable schemes matters.
More powers, more infrastructure and more housing targets. But will any of it translate into more homes being built?
Key highlights
· The Budget could be more positive for London than the headlines suggest. Peter argues that the announcements around devolution, infrastructure and housing support show the government recognising the importance of London’s economy and the pressures facing development.
· The West London Orbital could unlock significant growth. Drawing on Ealing’s experience with the Elizabeth line, Peter explains how better transport connections can stimulate housing delivery, regeneration, employment and wider economic activity.
· The return of Help to Buy may have limited impact in London. Nick questions whether the proposed price caps will exclude too much of the capital, particularly when demand for new-build flats is already being affected by leasehold concerns and rising service charges.
· Devolution raises questions about who controls London’s money. New revenue-raising powers could strengthen the Mayor’s position, but Peter argues that boroughs also need greater influence over investment decisions that affect their communities and local economies.
· London’s affordable housing funding gap remains substantial. The additional £1.5 billion announced nationally is a fraction of the estimated £16 billion London needs. Peter also questions how much of the new funding will reach London when the proposed grant per home is significantly below typical requirements in the capital.
Best moments Peter George | 10:55 “There’s clearly no credible economic growth strategy that avoids investing in London.”
Nick Cuff | 21:40 “In a tough market, you need to pump prime and you need to put the money out there and get things going, get cranes going.”
VALUABLE RESOURCES
https://uk.linkedin.com/in/peter-george-83b1b710
https://www.ealing.gov.uk
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Nick Dolezal: From the Shard to Stalemate: What Went Wrong in Southwark https://propviews.co.uk/the-pod/nick-dolezal-from-the-shard-to-stalemate-what-went-wrong-in-southwark
ABOUT THE HOSTS
Nick Cuff and Oliver Lowrie, the hosts of PropViews, bring their experience in property development, architecture and planning to the table, tackling the big issues facing the UK property industry. From planning reform and housing policy to market trends, investment and the realities of getting developments off the ground, Nick and Oli aren’t afraid to challenge the status quo, question government policy or say what others in the industry are thinking. Through PropViews, they are joined by leading voices from across the property sector for lively, straight-talking conversations, cutting through the headlines to explore what’s really happening in the industry, what needs to change and where things could be heading next. CONNECT & CONTACT www.propviews.co.uk https://www.linkedin.com/company/prop-views
