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Budget 2017: Property consultancy, JLL responds to social care announcement


LONDON, 8 March 2017 - In response to Chancellor Philip Hammond’s comments on social care during his UK Budget 2017 announcement today, James Kingdom, head of alternatives research, at global property consultancy JLL, said: “The additional funding for social care is welcome, but more encouraging is that the government is set to look at wholesale reform of how social care is funded as it is clearly no longer sustainable with changing demographic pressures. This could be an opportunity to take the radical action needed to encourage those at retirement age to downsize and manage their potential needs for the future. Incentives such as removing stamp duty for those downsizing, enabling equity release and allowing families to save efficiently for social care should all be on the table to boost investment in the sector, where demand for improved real estate across all price ranges needs to be addressed.”