NEWS EXTRA


facing a road paved with challenges ahead. Topping his biggest list of priorities is Brexit, and more specifically, finding a solution to the UK’s withdrawal from the EU that can break the political deadlock holding Westminster back from moving forward. However,


there


are a number of challenges closer to home that must also be addressed as a priority and, it goes without saying that the housing crisis needs to be high on his list, inorder to increase housing supply and satisfy demand. FJP


Investment CEO Jamie


Johnson said: “The statistics speak for themselves when it comes to assessing the current scale and gravity of the problem. As it stands, the UK needs to put 300,000 new homes on the market on an annual basis if it is to provide sufficient housing to meet demand. “However, this figure does not the complexities of the


reflect


problem,” he continued. “Indeed, solving the housing crisis requires more


than simply ramping up


housebuilding efforts. Of all the challenges currently facing the UK’s regions, access to housing ranked as a common concern. In some areas, the issue lies in a huge volume of homes that are old and in a state of disrepair, rendering them inadequate as accommodation. In other areas, however, the crisis is not only one of supply so much as distribution – too many properties are concentrated in the hands of the few. “This


just goes to show that


simply increasing the output of property developers overlooks the fundamental obstacles contributing to the housing crisis. Creative measures are clearly warranted, and as Boris Johnson stated in his victory speech, he will make housing a leading reform. Of course, we will have to wait until Westminster returns from its summer recess to see how this pledge will transform into action.”


What makes a good leader? Mr Johnson commented: “It was positive to see Boris


Johnson


approach housing policy as a priority throughout the leadership contest. Amongst other reforms, Johnson has touted scrapping stamp duty on homes up to £500,000 and halving the tax charged on those over this threshold as a means of stimulating the market.


Boris Johnson’s intentions for the 8 DIY WEEK 09 AUGUST 2019 Boris Johnson


property market extend beyond stamp duty, however. “Elsewhere, he has previously supported a proposal from the think tank Policy Exchange to build 15 new “millennial towns” with 30,000 homes each along major commuter


transport routes,” said


Mr Johnson. “This would have the effect of rekindling commuter towns like Milton Keynes in order to offer working professionals more affordable and accessible housing.” Jamie Johnson spectulated that “if these policies are introduced and implemented successfully, there is ample scope for them to reinvigorate the sector and bring movement back into the property market. Ultimately, going forward, I hope to see Boris Johnson recognise the need to address the challenges


facing the property market, and implement creative reforms to ensure that more people are able to access new housing opportunities.” Market Financial Solutions CEO


Paresh Raja, taking a focus on the challenges Brexit faces for the new prime minister, said: “Boris Johnson’s appointment as Prime Minister poses more questions than answers. The most pressing of all is his strategy towards progressing Brexit. Given the hardships faced by Theresa May in her attempts to get her withdrawal bill through parliament, it remains to be seen how he will be able to achieve this. “While not downplaying the significance of Brexit, we also cannot let this overshadow some of the pressing issues facing the


property market. There’s a myriad of


challenges that need to be


addressed, and so far, creative action to address these has been minimal. That’s why it is vital for Boris not to let Brexit continue to dominate the political landscape. Vision and leadership is needed to ensure we can also address pressing national challenges such as the housing crisis. At the same time, it will likely encourage more investment activity, with investors being able to clearly plan for the future.” Benham and Reeves director Marc von Grundherr said a new prime minister and a clean slate can bring a “rejuvenated air of confidence to the UK housing market”, but while Boris Johnson does have a fairly good track record when it comes


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MORE QUESTIONS H THAN ANSWERS


aving won the race to become Theresa May’s


successor


and the new Prime Minister of the UK, Boris Johnson is


Boris Johnson was recently named prime minister of the United Kingdom, and industry figures ask how this will affect the housing and DIY/garden market as a whole. Kiran Grewal reports.


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