Reviving the Oxford-Cambridge growth corridor
This long-discussed initiative aims to enhance transport links and housing between the two university cities, creating a hub for innovation and economic development. Reeves highlighted the importance of this region in driving economic growth and confirmed plans for a 4,500-home development around Cambridge.
The UK Government hopes that support for Cambridge University’s proposal to build an innovation hub will reinforce the city’s position as a global leader in research and technology. For estate and letting agents operating in the area, these developments could bring increased demand for housing, investment opportunities, and a growing rental market.
Relaxing planning restrictions
Reeves acknowledged the frustrations of developers and property professionals due to slow and restrictive planning regulations. She committed to liberalising planning laws through the new Planning and Infrastructure Bill which is being prepared. A key aim is to reduce delays caused by judicial reviews and environmental objections, often seen as barriers to progress.
One of the most controversial aspects of the speech was her stance on environmental regulations, particularly those protecting species such as bats and newts. Reeves told developers that constraints that hold up projects will be eased while maintaining appropriate environmental protections. However, this approach may attract criticism from environmental groups concerned about the impact of development on biodiversity.
Implications for property professionals
For estate agents, letting agents, and other property professionals, these proposed changes could lead to a faster-moving market, with increased housing supply helping to address demand. Streamlining the planning process could bring more land to market, potentially lowering house prices and boosting transactions. Letting agents may see an increase in rental stock as new homes become available, which could help stabilise rents in high-demand areas.
However, details of the Planning and Infrastructure Bill remain unclear, and the pace of these changes will depend on legislative progress. Propertymark has noted that while Labour’s ambitions for house building are clear, there are still unanswered questions about how these reforms will be implemented effectively.
Furthermore, Propertymark Regional Executives from many areas of the UK continue to report that it takes up to 18 weeks to move from offer to completion, with conveyancing solicitors waiting a month for local searches to come back before raising enquiries. Until this process can be made more efficient, the overall buying and selling process won’t significantly improve.
Housing as a foundation for economic growth
Reeves has positioned house building at the heart of her economic strategy, arguing that increasing supply is essential for long-term growth. She highlighted that a well-functioning housing market supports job creation, infrastructure investment, and economic stability.
The UK Government’s focus on housing aligns with its broader commitment to boosting the economy, but questions remain over how it will meet its ambitious targets. Property professionals will need to monitor policy developments closely to understand the practical impact of these proposals on their businesses and clients.
What happens next?
The coming months will reveal more details about plans to implement these changes. Propertymark will continue to engage with policymakers to ensure that the views of agents and the wider sector are represented.
For now, estate and letting agents should be aware that planning reform is a key priority for the government. While there is optimism about the potential for increased housing supply and investment opportunities, professionals in the sector should prepare for further debates over how these plans are delivered in practice.
Many of the Chancellor’s words are welcome news for many people who live in England and Wales, and Propertymark has long campaigned for a balanced approach when looking towards future house building ambitions.We hope that when the Planning and Infrastructure Bill becomes law it can deliver the correct level of housing in regions where demand is prevalent.
It is reassuring to see housing play a key part in Ms Reeves’ mission to make Cambridge a technological hub by delivering 4,500 new homes. However, with continuous guarantees to build more homes, more detail is needed as to how the Chancellor will develop the UK’s workforce and skills to meet its ambitious targets as currently, the UK Government would need to build thousands of new homes every week before the next election to meet its goals.
