In property, where margins are often wafer-thin, political uncertainty has a habit of upsetting the deal’s applecart. In that respect, Burnham’s appointment is a welcome alternative to a drawn-out summer leadership contest. But with little detail on his policy agenda, businesses still face the impossible task of preparing for the unknown.
By Andrew Lloyd, Managing Director, Search Acumen
Initial ideas that have been floated include a new land tax to replace council tax and Stamp Duty – a potential watershed moment for housing and a genuine attempt to align property taxation with modern economic realities.
But the ambition of what would lie ahead shouldn’t be underestimated. The fact that council tax valuations haven’t been updated for 35 years shows just how politically and financially difficult such a reform would be.
It’s true that the scale of some of the challenges the UK faces will require a fresh approach if they are to be solved. If Manchester is the model, renewed devolution could give local economies a much-needed shot in the arm.
Empowering Combined Authorities and elected mayors could make some challenges much more manageable simply by reducing their size. Technology has a key role to play here, helping governments and authorities make faster, smarter decisions. Scale is no longer the challenge it once was thanks to AI, and that creates a real opportunity for a government that has the ambition to seize it.
In Burnham’s first few weeks in power, before an Autumn Budget, the industry will be watching for certainty as much as reform. We’ve seen time and time again how uncertainty can quickly undermine confidence and unsettle markets. Confidence drives investment, investment drives growth, and growth ultimately funds public services.
