Propertymark advocates for the development of the Welsh budget

Propertymark is calling on the Welsh Government to focus on pro-growth policies amid historic fiscal consolidation.

• The call involves stimulating the private rental sector to address the housing shortage.
• Emphasis is placed on the regeneration of empty commercial properties in Welsh communities.
• The organization welcomes increased housing support grant funding while advocating for innovative solutions for homelessness.
• There is a push for fiscal incentives to encourage home ownership and rental housing.

Propertymark is advocating a shift to a growth-oriented fiscal policy in response to the Senate Finance Committee’s consultation on the 2025-26 Wales Budget. The call for the policy comes in the wake of a massive £21bn budget allocation announced by the Chancellor of the Exchequer, the biggest in real terms since devolution for Wales.

The main thrust of Propertymark’s recommendations is to stimulate the private rental sector, which is seen as an important step in mitigating the current housing crisis. Calling on the Welsh Government to use the tax breaks, Propertymark believes the move could increase the supply of rental properties, which is crucial to managing demand pressures.

In its strategic response, Propertymark highlighted the importance of addressing the problem of vacant commercial properties in Welsh cities. The organization is proposing the High Street Rental Auctions policy, soon to be introduced by the UK government, to allow local authorities in England to repurpose long-empty city center properties.

The trade body recognizes the housing support subsidy increase, which is in line with previous budget submissions. However, Propertymark insists that its use must be bold to truly reduce homelessness, offering support mechanisms for private landlords and agents as innovative solutions.

In home ownership, Propertymark’s proposals include expanding the Welsh Government’s Help to Buy scheme to cover older homes. Such measures aim to stimulate economic growth in Wales, potentially benefiting a wider range of potential home owners.

Tim Thomas, Policy and Campaigns Specialist at Propertymark, emphasized the need for investment and support from local authorities. “Encouraging investment from landlords, supporting vulnerable households and securing funding for local authorities are key to raising standards and driving economic growth,” he said.

Propertymark’s strategic push for a growth-oriented Welsh budget aims to drive housing and economic development.