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News Release

Nottingham

Stamp duty addresses affordability but finance & planning still major issue

Matthew Smith, lead director, JLL Nottingham comments following Autumn Statement 2014


Nottingham, 3 December 2014 - Matthew Smith, lead director for the Nottingham office of JLL talking about the Chancellor's announcements on stamp duty said:
 
 "Whilst the changes to stamp duty are hugely positive in terms of affordability, access to finance still presents a challenge with the industry warning that the over 40's are effectively being 'frozen out' of mortgages.
 
"If we are really going to tackle the housing crisis and the ability for people to own their own home, we need a radical change in mind-set nationally to pump prime the sector. We can not all aspire to own a new home and then oppose development when it's on our doorstep."
 
"The announcement this week of a second garden city in Bicester Oxfordshire, creating up to 13,000 new homes is an initiative that couldn't come soon enough in the East Midlands:
 
"There have been continued delays bringing forward the key east Mids core strategy documents, with the greater Nottingham core strategy now subject to judicial review, further delaying delivery.  The region has an urgent need for new homes and high quality employment land.
 
"The planning system is failing to deliver and needs a radical new approach. "Garden cities is a positive step forward but a serious change in mindset both locally and nationally is required to have any chance of meeting the housing numbers cited by the politicians."