TAB founder calls for ‘bazooka Budget’ to revive housing market

Ahead of next week’s Autumn Budget, TAB founder and CEO Duncan Kreeger has called on chancellor John Healey to deliver decisive action on housing and planning to stimulate transactions, boost supply and restore confidence across the property market.

Duncan Kreeger, founder and CEO of TAB (pictured above), said: “There are huge structural issues that need fixing in this country, not least the housing market.

“We need a bazooka Budget to fix the big stuff. A steady-as-she-goes Budget is not going to cut it.

“This is the worst I have seen the property market in 20 years: no one wants to sell; no one wants to buy. Something’s got to give.

“If Healey can’t find to money to plough into housing, he should reform planning. If the Cabinet doesn't have the political appetite to help private developers hit housing targets, he should follow in the footsteps of Norman Lamont, Alistair Darling and Rishi Sunak and introduce a stamp duty holiday. That would be a catalyst to get people moving — and the existing housing stock would be used more efficiently as a result.

“Or he could deregulate the private rented sector. That would get property investors buying again. No one wants to be a landlord at the moment. Potential first-time buyers might benefit from lower rents if the supply of rental property stopped shrinking.

“At the very least, Healey should scrap the planned 'mansion tax' announced at the 2025 Budget. The last thing we need is another disincentive to move.

“I want to see some significant announcements. Andy Burnham’s pitch was radical; he was going to shake things up. He was elected on a platform of saying Britain is in crisis — that he was going to rewire the entire system of government.

“Burnham and Healey need to sink their teeth into the really big decisions. The Budget is the time to expect the biggest fiscal decisions to be made.”