Budget 2023 : Addressing the Challenges of the UK Housing Market

The UK housing market is facing major challenges and Chancellor Jeremy Hunt must act swiftly to address the shortage of homes, cost-of-living crisis and other issues. 

The Home Builders Federation has called for looser development restrictions, better-resourced local planning authorities, and for the UK to become a world leader in greener housing technologies. 

The National Residential Landlords Association has urged the Treasury to review its treatment of the buy-to-let sector. Homeless charity Shelter estimates that tenants are affected by a three-year freeze on housing benefits which leaves them with an average shortfall of £150 per month. 

Former Royal Institution of Chartered Surveyors residential chairman Jeremy Leaf believes that providing more energy-efficient homes would regulate rents and prices, while encouraging first-time buyers would reduce rental contracts and improve standards overall. He suggests higher penalties for leaving land or buildings empty, expediting council tax revaluation and higher charges for second homes used as holiday properties as possible solutions. 

As such, it is essential that Chancellor Jeremy Hunt takes decisive action in his first full Budget on Wednesday to tackle these issues and address rising inflation as part of a wider effort to alleviate the nation's cost-of-living crisis.