British Property Federation

 🗣️ Yesterday, our Chief Executive Melanie Leech gave evidence to the Renters' Rights Public Bill Committee to reiterate the BPF's broad support for rental reform and outline our concerns with the Bill. The Minister for Housing and Planning specifically outlined his support for growing future rental supply in the PRS, and asked for Melanie's views on how the Bill will impact Build-to-Rent investment and the professionalisation of the market.   ⬇️ Watch the video below to hear Melanie discuss the critical role of investor confidence and how the property industry can work with the Government to help deliver their housing aspirations.

💡 In advance of the new Government’s first Budget on 30 October, we caught up with our Assistant Director of Policy Rachel Kelly to hear what the Budget might mean for the property industry.     ❓ What are the BPF’s recommendations to Government in advance of the Budget?  🗣️ In our Budget representation, we emphasised how important the partnership between Government and the property sector will be to deliver on some of the Government’s main objectives like building new homes and infrastructure, regenerating high streets and delivering net zero. We’ve focussed on a handful of important tax and spending changes that will help drive economic growth. These include reforming business rates, supporting energy efficiency retrofit works and tax changes to channel institutional investment into new homes. ❓ If you could prioritise one tax ask for this Budget, what would it be? And how likely are we to get it? 🗣️ The Government seems quite serious about its pledge to build 1.5 million homes by the end of the Parliament (although they probably know it’s hugely ambitious), so I would hope for positive movement on housing. With the right tax and regulatory environment, we estimate that the Build-to-Rent (BtR) sector’s contribution to housing supply could double from 15,000 to 30,000 new homes a year.  It’s really important that the Government reinstates SDLT Multiple Dwellings Relief (MDR) for BtR. Its abolition by the previous Government has had a chilling effect on the market over the summer and has stifled previously viable BtR developments.   The Government also has an opportunity to stimulate more private sector investment into social and affordable housing by committing to long term rent settlements – ideally of 10-15 years to attract capital from institutional investors.  ❓ Is there anything else you’ll be looking out for at the Budget?   🗣️ Chancellors generally don’t like raising taxes, but we know that on this occasion the overall burden of tax on the economy will go up. With increases to the ‘big three’ taxes ruled out in Labour’s manifesto, the risk is that they will look to taxes like SDLT to pick up the slack, regardless of how bad this tax is reckoned to be by anyone outside of Government. Less likely, but equally dramatic, would be if the Government took steps to turn business rates into some form of Land Value Tax (LVT). While LVT has its proponents, the transition from status quo would be extremely complicated and would impact on values across the country, with knock-on consequences for commercial property lending.

Only a few days left until the EPRA Sustainability Summit! If you haven’t secured your ticket yet, now is the time – with proceeds going to The Hunger Project (United Nations-affiliated), your participation will truly make a meaningful impact. REGISTER below for great insights on sustainability in real estate 👉 https://bit.ly/3WmHOmv ...and spread the word - repost to help us donate more to a great cause.

🗣 “Be passionate, be honest, fail fast, learn from your mistakes and keep moving forward”.   Inspiring words from our Unlocking Influence webinar with Jessica Hardman, CEO and Co-Founder of Aboria Capital, and British Property Federation President, in conversation with Christopher Mizen.   From petrol station acquisitions to leading multi hundred-million-pound deals, Jessica's journey highlighted the importance of:   💡 Embracing continuous learning and diverse experiences: Actively seek out new challenges and expand your skillset. The property industry is constantly evolving, so a thirst for knowledge and adaptability is key! Embrace new challenges, even if they seem daunting. ➡ Following your passions: Identify what excites you and navigate your career towards it. 🔨 Building strong relationships: Nurture genuine connections within your network.   Jessica's story is a testament to the power of hard work, resilience and a willingness to embrace change.   💻 Catch up now and watch the recording here: https://lnkd.in/eCmkuf22