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The UK budget for 2023 was announced yesterday by Chancellor of the exchequer, Jeremy Hunt. 

Described as a "budget for growth" the headline announcements included pension tax breaks and an extension of the energy price cap. 

Here Flora Harley, head of ESG research, Tom Bill, head of UK residential research and Ollie 博鱼体育集团, head of UK residential development research discuss the what the measures mean for UK property markets.

Economy

Flora looks at the broader picture for the UK economy and comments on the forecasts from the Office of Budget Responsibility (OBR).

The key message from the OBR is that it expects the UK to not fall into a recession. Flora also reviews her predictions for the base rate peak in 2023 and what the Silicon Valley Bank collapse means for potential rate hikes. 

UK housing market 

Tom points out that the housing market in the UK has performed much better than some headlines have suggested and the market is in a good place.

With no direct impact from the announcement on Wednesday, he expects nothing more than tinkering with mortgage rates as the market has steadied in comparison to the back end of last year. 

Residential development

Ollie discusses the announcement around investment zones which combine tax incentives with a focus on research and education in growth sectors such as tech, manufacturing and life sciences, that could include opportunities for residential developments.

Nutrient Neutrality and its impact on the market is also debated. 

The team also discuss the implications of the collapse of the Silicon Valley Bank on interest rates and the UK market more widely. Flora also looks into the finer details of the environmental policy within the budget. 

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