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ARTICLE · 28 NOVEMBER 2023

Autumn Statement 2023 – Real Estate Perspective

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The Chancellor set out his stall with a headline-grabbing reference to the "110 growth measures" included in the Autumn Statement.

United KingdomReal Estate and Construction
Nicole Mitchell
Nicole Mitchell
Rebecca Delaney
Rebecca Delaney

The Chancellor set out his stall with a headline-grabbing reference to the "110 growth measures" included in the Autumn Statement.

Of those measures, there were a number of key themes relevant to the real estate sector, including:

  • removal of planning red tape;
  • accelerating access and connections to the national grid;
  • unlocking of foreign investment;
  • levelling-up opportunities; and
  • cuts to business taxes.

Planning, housebuilding and homes

The Chancellor acknowledged that "it takes too long to approve infrastructure projects and business planning applications." In response to such bureaucratic delay the Autumn Statement provides that, from next year, the planning system will be reformed to allow local authorities to recover the full costs of major businesses' planning applications in return for meeting faster timelines. The penalty for failing to meet accelerated timetables will be financial, with applications being processed free of charge.

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