Real estate looks for ‘future-facing PM’ as race narrows
Sajid Javid’s decision to withdraw from the race to become the next prime minister has been described as depriving real estate of the one candidate who appeared set on addressing the UK’s housing crisis.
Javid dropped out of the running on 12 June, as the list of candidates to replace Boris Johnson was whittled down over the course of the week. At the time of publication, the former health secretary had not publicly endorsed another candidate.
Jeff Nottage, practice principal and head of housing and new neighbourhoods at architecture firm Broadway Malyan, said Javid had been “the only candidate that publicly addressed the reality of the UK’s housing crisis”, calling for hundreds of thousands of new homes through a programme of garden villages and towns.
Sajid Javid’s decision to withdraw from the race to become the next prime minister has been described as depriving real estate of the one candidate who appeared set on addressing the UK’s housing crisis.
Javid dropped out of the running on 12 June, as the list of candidates to replace Boris Johnson was whittled down over the course of the week. At the time of publication, the former health secretary had not publicly endorsed another candidate.
Jeff Nottage, practice principal and head of housing and new neighbourhoods at architecture firm Broadway Malyan, said Javid had been “the only candidate that publicly addressed the reality of the UK’s housing crisis”, calling for hundreds of thousands of new homes through a programme of garden villages and towns.
“Thousands of young people are currently unable to get their hands on the first rung of the property ladder because the homes are simply not being built,” Nottage said. “We now need someone to go against the grain and address the needs of younger generations, in order to be a future-facing PM.”
He added: “What’s really needed is for the government to bring back the spirit of the post-war ‘new towns’. We need to stop just relying on expanding existing communities and deliver meaningful progress by creating new garden villages and towns from the ground up. With Javid pulling out of the race, we’re now missing a champion for the policy and approach that will ultimately provide the UK with the housing numbers it needs and support the government’s levelling up goals, especially in rural areas.”
Javid had also vowed to ensure the Oxford-Cambridge Arc was a “hotbed” of growth, and said he would establish a “Great British Towns and Cities Commission”. His pulling out left eight candidates in the running as of midday on Wednesday: Kemi Badenoch; Suella Braverman; Jeremy Hunt; Penny Mordaunt (pictured); Rishi Sunak; Liz Truss; Tom Tugendhat; and Nadhim Zahawi.
Mordaunt, a favourite to win, has said she will prioritise making the UK a “powerhouse” for science, technology and innovation, and has promised to “turbocharge” levelling up projects, empowering mayors and development corporations.
Eyes on the prize
Whoever wins, real estate figures have been adamant that the government must not lose sight of that levelling up agenda. Greg Clark was appointed to lead efforts last week following the sacking of Michael Gove, while Marcus Jones has been named as junior housing minister after Stuart Andrew’s resignation.
Andrew said last week: “As I went around the country, what really struck me was that everybody was bought into that levelling up agenda and housing was a key element of that. I hope that we can get back to focusing on that now… and continuing that agenda.”
Jamie Holmes, chief executive of digital planning firm VU.CITY, said: “In the midst of the chaos, it’s absolutely vital that we don’t lose sight of the previous government’s cornerstone policy – levelling up. The legacy of this must live on beyond Boris Johnson’s tenure.
“Following a spate of different housing ministers and secretary of states, the Department for Levelling-up, Housing and Communities is in desperate need of stability and a firm hand to deliver on its many promises. The next prime minister must set out clearly how the government plans to deliver the levelling up agenda and improve the planning system.”
At Colliers, head of business rates John Webber said runners must uphold the Conservative manifesto and deliver “proper business rates reform”. Jeremy Hunt has said he would introduce a five-year rates holiday in deprived areas.
“While many of the candidates are throwing around tax cuts like confetti, all we are asking is that they all commit to a revaluation and levelling up agenda that will provide the instant tax cuts they have all already committed to,” Webber said. “We call on Rishi, Liz, Penny and the rest of the gang to announce there will be no downward transition following the revaluation in 2023 and that rates bills will immediately find their true level, comparable to rents.”
He added: “The new leader has a golden opportunity to make a major impact on the future of physical retail and breathe new life into the high street. Let’s hope one of them has the backbone to act.”
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