Propertymark urges the Welsh Government to focus on growth-oriented policies amidst a historic budget settlement.
- The call includes stimulating the private rented sector to address housing shortages.
- Emphasis is placed on revitalising empty commercial properties in Welsh communities.
- The organisation welcomes increased Housing Support Grant funding, while advocating for innovative homelessness solutions.
- There is a push for fiscal incentives to boost homeownership and rental accommodations.
Propertymark is advocating for a shift towards growth-centric fiscal policies in response to the Senedd Finance Committee’s consultation on the Welsh Budget for 2025-26. The call for these policies comes in light of the substantial £21 billion budget allocation announced by the Chancellor of the Exchequer, marking the largest in real terms since Welsh devolution.
A key focus of Propertymark’s recommendations is the stimulation of the private rented sector, seen as a critical step in mitigating current housing challenges. By urging the Welsh Government to leverage tax incentives, Propertymark believes this move could enhance the supply of rental properties, which is crucial for managing demand pressures.
In its strategic response, Propertymark has highlighted the importance of addressing the issue of vacant commercial properties in Welsh towns and cities. The organisation suggests adopting High Street Rental Auctions, a policy soon to be introduced by the UK Government, to allow local authorities in England to repurpose long-standing empty town-centre properties.
The professional body acknowledges the increase in the Housing Support Grant, which aligns with its previous budget representations. Yet, Propertymark insists that its utilisation must be bold to truly alleviate homelessness, suggesting support mechanisms for private landlords and agents as innovative solutions.
In the domain of homeownership, Propertymark’s propositions include the expansion of the Welsh Government’s Help to Buy scheme to encompass older homes. Such measures are intended to stimulate economic growth across Wales, potentially benefiting a wider range of prospective homeowners.
Tim Thomas, Propertymark’s policy and campaigns officer, accentuated the need for investment and support for local authorities. ‘Encouraging investment from landlords, supporting vulnerable households, and ensuring local authorities are funded are pivotal to enhancing standards and spurring economic growth,’ he stated.
Propertymark’s strategic push for a growth-focused Welsh budget aims to stimulate housing and economic development.
