‘Project Speed’ – property industry reaction to Boris Johnson’s speech

As part of ‘Project Speed’, Boris Johnson has addressed plans for change in the UK in yesterday’s speech. The highlights include:

• £1.5bn for hospital maintenance
• £1bn for new schools – 50 projects
• £560m for school upgrades
• £200m to improve colleges
• £100m for road projects
• ‘Thousands of new homes on Brownfield sites and others’ – building faster and better
• ‘Radical planning reform not seen since WW2’ 

The Prime Minister, in reference to home building, specifically said: “There has been an intergenerational injustice and the government will now help to get the young on the housing ladder just as their parents did.”

“Build, build, build. Build better. Build faster,” he added.

Managing Director of estate agent Barrows and Forrester, James Forrester, commented: “Today’s announcement by the Prime Minister is a rallying call to commerce, industry, the property sector and finance, to piggy-back his huge spending plans and literally put Britain back together again. 

“We seem set to spend our way to fiscal health and to ensure, in particular, that there is finally a genuine home-building revolution to match similar investment intentions in the transport, education and health sectors. 

“What a welcome relief this is and at just the right time.”

Marc von Grundherr, director of lettings and estate agent Benham and Reeves commented: “Like many areas of life, the severe lack of homes being built has understandably taken a back seat. However, it now stands as one of the pillars on which the Government is forming its economic recovery plan.

“Hopefully, this added emphasis on such a burning issue will result in some action and this will be nothing but positive for the UK property market. 

“Of course, there is always the danger that like many before him, the Prime Minister’s words will equate to little more than just that. With the UK property market still facing a very uncertain landscape, we certainly hope this isn’t the case.”