Andy Burnham officially became Prime Minister yesterday, replacing Sir Keir Starmer, and has immediately faced calls from the property sector to address housing market challenges.
In his first statement from Downing Street, Burnham committed to building more council homes and ending rough sleeping, promising to set out a 10-year plan later this year. The announcement has prompted responses from estate agents, trade bodies and professional organisations outlining their priorities for the new administration.
Transaction reform and market efficiency
Nathan Emerson, chief executive of Propertymark, said the estate agency trade body looked forward to learning more about proposals aimed at addressing current housing concerns. He emphasised the complexity of delivering a sustainable mix of affordable housing across each region.
“Over the coming months, it will be essential that the sector has a clear opportunity to engage with the UK Government on key housing issues, helping to ensure that the manifesto commitment to deliver 1.5 million homes across England becomes a reality,” Emerson said.
Justin Young, chief executive of the Royal Institution of Chartered Surveyors (RICS), highlighted the need to improve the home buying and selling process. Current data shows an average transaction period of 120 days, with one in three sales falling through as of June.
“Purchasing a home should be straightforward, but transactions take too long and far too many fall through. Buyers and sellers often face unnecessary costs, uncertainty and stress,” Young said.
The RICS indicated it will assist the government to maintain momentum behind recently announced home buying and selling reforms.
Stamp duty and market circulation
Nick Leeming, chairman of Jackson-Stops, said building more homes is essential but noted the market also depends on helping existing homes circulate more freely. The agency’s research suggests that removing stamp duty costs could bring more than 300,000 owner-occupied homes onto the market across England within less than a year.
The research found that 42% of those whose moving plans have been delayed cited economic uncertainty as a reason. This comes as auction volumes have risen 35% with landlords offloading stock amid ongoing market pressures.
Infrastructure and investment
Young from RICS emphasised that increasing the supply of quality affordable homes, strengthening infrastructure and supporting the transition to a lower-carbon economy will require stable, long-term and evidence-led policymaking.
“The Prime Minister’s commitment to reinvigorating council house building is welcome, but ambition will need to be matched by delivery capacity. Local authorities will need the professional skills, resources and professional support to turn that ambition into homes,” he said.
He added that financial investment, both domestic and international, is crucial for delivery across the built environment, requiring a business environment which promotes confidence for investors alongside regulatory and planning reform.
Propertymark’s Emerson reinforced that a diverse housing mix must be delivered with a regional focus and supported by robust local infrastructure. “Building homes is the challenge, building well-designed, functional communities must be the goal,” he said.
The sector’s responses indicate expectations for early engagement on housing policy, particularly around the government’s 1.5 million homes target, transaction reform and stamp duty review. The effectiveness of Burnham’s 10-year plan, due later this year, will depend on coordination with local authorities and improved management of social housing stock.
