UK Property Forums’ partners and sponsors have been giving their thoughts on Chancellor Rachel Reeves’ Spending Review, announced on June 11.
Philip Campbell, commercial director for Milton Park, said: “With £86 billion pledged for research and innovation over the life of this Parliament, the Chancellor’s commitment to science and technology in the Spending Review is a move in the right direction.
“We welcome the £2.5bn to renew the strategic advancement of the delivery of East West Rail within the Oxford to Cambridge Growth Corridor and the continued commitment to sustainable transport infrastructure.
“With Tokamak Energy based at Milton Park, we also welcome the Government’s increased support for fusion technologies. We hope this increased support and focus on growth will serve as a model of what our innovation economy can deliver when increased capital meets conviction.”
Philip Waddy, chairman of WWA Studios, said: “I very much welcome the £39bn of investment planned for social housing over the next decade.
“History shows that without Government intervention the private sector simply cannot meet Labour’s target of building 1.5 million new homes by the end of the decade.
“Not since the Wilson Government of the 1960s has UK housing output hit the sort of numbers needed to reach this target and, back then, a third of housing was built by local authorities for rent.
“The extra £2bn schools repair fund is also a boost and well overdue although whether it is enough to cover the maintenance backlog is a mute point.”
Namita Matkar, head of affordable housing for Mills & Reeve, said: “The Affordable Homes Programme (AHP) funding will equate to be around £4bn a year over the next 10 years – which is almost double what we have seen under the previous AHP.
“When you consider the additional £10bn for Homes England, which has been unlocked through changes to borrowing rules, this is excellent news for the sector. However, we also need to ensure that it prioritises social rent and shared ownership, which are very much needed, as well as funding being directed towards regeneration.
“The decision to enable social landlords to raise rents by one percentage point above inflation, together with a return to rent convergence, have long been key asks from the sector. The announcement of a 10-year rent settlement will be welcome news for registered providers of social housing.
“It will enable them to commit to long-term growth plans, be more ambitious within their development plans/programmes and ultimately deliver much-needed new housing. This certainty also means that they can commit to additional borrowing and attract investment, allowing them to invest into their existing homes to make them better for their tenants.”
Andy Moffat, head of planning for Savills in the East of England, said: “The investment for the Affordable Homes Programme is welcomed, if not expected, and will contribute significantly in tackling the housing crisis.
“However, the impact will depend on tenure split, grant rates and regional distribution. It will also take time for the housing association sector to grow its appetite for s106 affordable housing, which is a key element of how the Government intends to deliver 1.5 million homes over the course of the Parliament.
“But it does appear there is some light at the end of the tunnel. Alongside wider planning reforms, including the sweeping changes to the National Planning Policy Framework, to reverse the trend of the falling number of full planning consents being granted, the announcement reflects a more optimistic outlook.”
Victoria Collett, development director for Oxford North developer Thomas White Oxford, said: “We wholeheartedly welcome the Government’s significant announcement regarding the allocation of £2.5bn for advancing the delivery of East West Rail. This investment is a crucial step towards enhancing connectivity and fostering economic growth in the region.
“At Oxford North, we pride ourselves on being a driving force for expansion within the Oxford to Cambridge Growth Corridor, strategically situated near to Oxford Parkway station and the future development around us.
“Our new innovation district efforts extend beyond providing state-of-the-art laboratories, office spaces and amenities; we are also committed to delivering new and affordable housing in collaboration with our development partner, The Hill Group.
“Furthermore, we appreciate the Government’s renewed commitment to nurturing science, technology, and innovation within our communities.
“By accelerating research and discovery initiatives, we can expect an ongoing stream of homegrown innovations while simultaneously appealing to international companies seeking opportunities in our vibrant city.
“This approach not only enhances our local economy and creates inclusive growth but also reinforces Oxford’s status as a global hub for technological advancement and scientific research.”
Daniel Geoghegan, chief executive of Bicester Motion, said: “We welcome the Government’s recent announcement regarding the allocation of £2.5bn aimed at advancing the delivery of East West Rail. This significant investment is vital for improving transport infrastructure and connectivity along the Oxford to Cambridge Growth Corridor, an area with significant potential for continued innovation and development.
“At Bicester Motion, we are dedicated to fostering advancements in automotive and aviation, and such commitments play a crucial role in enhancing our region’s capabilities to facilitate talent development and collaboration.
“By improving transit links, we can create a more cohesive environment where businesses can thrive, driving forward economic growth and innovation.
“Furthermore, we also commend the Government’s commitment to research and development. Situated within Motorsport Valley, we are surrounded by some of the most remarkable advanced manufacturing firms that are tackling some of the planet’s most pressing challenges. This concentration of expertise not only augments our local economy but also contributes significantly to global technological advancements.
“We believe that continued investment in R&D will support our mission and not only propel our local economy but also position us as global leaders in technological advancement and creative problem-solving.”
Mark Pearson, head of economic development for REDA, said: “Many of Rachel Reeves’ announcements this week really hit the spot for Reading.
“What better place to invest some of those financial packages than in the key sectors in which we shine such as defence and security, AI, science and technology research and innovation?
“All should bring benefit to Reading, along with increased funding for the NHS, police and housing. The imminent publication of the Invest 2035 Industrial Strategy will set out the focus for these key sectors and the goals to which Reading can work in order to gain maximum benefit.
“The priority now is to work together to maximise the opportunities that clearly exist, continue the work towards a strategic authority for our region and gain access to these and future vital resources for our economy.”
William Nassau-Lake, partner and head of development and house building for Boyes Turner, said: “The Government’s £39bn housing pledge in the 2025 Spending Review is welcome news — the largest capital injection in a generation — aimed at boosting affordable housing, tackling homelessness, and improving building safety.
“However, much of the funding is back-loaded, so whilst the package sends a strong signal of intent, effective delivery will depend on the supporting legal frameworks, clarity on grant conditions, and adequate resourcing of planning and regulatory functions.
“Providers should therefore engage early with funding terms and compliance obligations, to plan realistically for delivery timescales.”
Abigail Jones, who leads the development team at Savills in Cambridge, said: “While there were no specific announcements for Cambridgeshire itself, there appears to be a renewed focus on supporting opportunities in the Oxford to Cambridge Growth Corridor – including £2.5bn confirmed to progress East West Rail and build new stations at Tempsford and Cambourne.
“Universities and high-tech industries will also receive a boost in research and development – including £2bn to support ‘home-grown AI’ – while social housing and public transport projects have also been allocated funding.
“As always, the devil will be in the detail, and it remains to be seen how some of this money will be allocated. But as a centre for high tech innovation, Cambridge is well placed to make the most of any opportunities that might arise, helping to support future housing delivery and spearheading strong, secure and sustainable economic growth.”
Damian Read, construction director for Pye Homes, said: “We welcome the Chancellor’s pledge to ‘renew Britain’ and the £39bn for affordable and social housing – this will give the sector a much-needed boost, complemented by the investment in infrastructure and land mediation outlined in the Spending Review.
“As a housebuilder with a successful apprenticeship programme, we are also pleased to hear that £1.2bn more will be invested in apprenticeships and training, which will go some way to tackle the industry’s skills gap – however, much more investment is needed if the Government is to meet its 1.5 million new homes target and supply the industry with the hundreds of thousands more workers, who are needed right now.”
Jerry Muscroft, director of PJA, said: “Chancellor Rachel Reeves’ recent spending plans aim to invigorate the UK’s construction and property sectors through targeted investments and strategic reforms.
“It was encouraging to see that this ambitious multi-pronged investment and reform strategy for the next 10 years. It is encouraging to see a long-term approach and level of investment for the next 10 years.
“The massive affordable social housing fund over £39bn along with the additional £10bn in funding for Homes England should act as a catalyst to boost development. Equally as important is the additional infrastructure funding of £4.65bn to improve defence estates, the pledge to commit £4.2bn to flood defences over the next three years and funding to train up to 60,000 new construction workers.
“These measures collectively aim to supercharge development opportunities, improve housing availability, promote sustainable construction practices and should keep us all busy for the foreseeable future!
“We need all stakeholders involved in construction and property to fully embrace the challenge ahead to help deliver much-needed homes and boost the UK’s economy.”
Mike Righton, partner – UK South for Rider Levett Bucknall, said: “On face value some encouraging commitments regarding investments that should have the potential to both support growth across the industry and bring value to regional economies across the UK.
“As is often the case, the real impact will live in the details that will come over the next few months and the development of strategies and plans that will support the effective delivery of these investments – and noting that any construction spend will not be turned on instantly and that some of that very large programme of works may be challenged by labour and skills shortages across the UK.
“The infrastructure investment, which includes projects such as Sizewell C nuclear power plant and a new generation of small modular reactors, should drive the net-zero agenda and could power the equivalent of six million cleaner energy homes, which can only be good news for us all.
“What is clear is that we need collaboration and long-term strategy so the investments that have been announced inspire investor confidence, secure industry project pipelines and empower the sector to meet the challenges ahead.”
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