Property & Construction sector Spring Budget predictions from Menzies LLP,
one of UK’s leading accountancy and strategic advisory firms

Chancellor Jeremy Hunt will set out the Government budget to Parliament on Wednesday, 6 March. With the General Elections drawing close, it’s expected that the upcoming changes will focus more on individuals, rather than to businesses and corporates, to sway voters in the Conservative party’s favour.

Given the pressing needs of businesses, prioritising tax cuts should be crucial. But it’s also important that the Government take a balanced approach, given the limited scope for further cuts particularly in light of mounting government debt.

Rebecca Wilkinson, Tax Director and Property & Construction sector Specialist at Menzies LLP, has outlined her top wishlist items and predictions for the announcement next month.

Menzies’ predictions and wishlist for the Property & Construction sector

As we have seen in the news recently, the number of insolvencies in the construction sector is increasing significantly and the housebuilding sub-sector is the worst hit. This is due to the weak demand for new homes, which is caused by higher interest rates and the general cost of living crisis. The Help to Buy scheme ended in 2023 and I would like to see the scheme either extended or re-imagined with a view to providing stimulus in the housing market.

Home improvement projects are also stalling. A possible way of increasing demand could be to offer incentives to home-owners and landlords who spend money on improving the energy efficiency of residential properties, or offering enhanced cap al allowances to businesses that spend money on green technologies.

In the residential rental sector, there is an increase in the number of private landlords suffering rent arrears as lower income tenants struggle to pay rents. Many landlords are also paying higher interest charges and the combined result is an increasing number of landlords in arrears on their mortgages, forcing many to sell up. A decreasing stock of private rental housing could be disastrous for low-income families as there is also a lack of available social housing. I would like to see the Government reconsider the punitive tax rules which restrict the amount of tax relief that individual landlords can claim on their interest costs.

Overall, it will be helpful to see if there is a strategy in place to stimulate the property market.  We would also like to see another Stamp Duty holiday, or the stamp duty surcharge scrapped. We also know the Capital Gain Tax (CGT) allowance is due to be reduced from £6,000 to £3,000 in April 2024 so this could be delayed or scrapped.

For more information about Menzies LLP, visit www.menzies.co.uk.

Neptune’s new Spring 2024 collection draws inspiration from the natural beauty of the British coastline: its silhouettes, shapes, textures and gentle colour palette.  Subtle references to shells, rocks, chalk cliffs and sand beaches flow throughout the collection, from the curves of a scallop shell inspiring the new tableware and lighting, to the ripples on fluted glass lighting and the raw feel of jute rugs.

The new Spring colour Orkney White – a warm neutral hue, named after the powder white sands of the Orkney Isle beaches – has slight yellow undertones for a calm and welcoming interior.

Through this exploration of calming colour, silhouette, and texture, Neptune brings new designs that will enhance individual homes from city to country to coast.

Harlyn Jute Rug, Marina Scalloped Wall Sconce, Marina Pendant Light,

and Chichester Housekeeper’s Cupboard in Orkney White; Athena Uplighter Chandelier 

SPRING LAUNCHES

New Paint Colour: Orkney White

The seasonal colour for Spring 2024, Orkney White, is an inviting creamy off-white that brings subtle warmth to a room scheme, the perfect backdrop for a space layered with pattern, texture and colour. Complementary colours such as Alpine and Sage will add a sense of calm to a room, while stronger shades like Constable Green and Walnut introduce depth and contrast.

Lighting

Neptune’s first rattan collection, Athena, comprises twochandeliers, wall lights, table lamps and lamp shades.  Reflecting the season’s emphasis on natural textures and inspired by scalloped shell silhouettes, each intricate rattan design is woven by hand, using natural honey-coloured rattan for a timeless aesthetic which creates softly diffused light.

The Malton lighting collection features a table lamp and pendant light in softly rounded silhouettes of fluted glass for added texture. Both designs are available in either a round or pill shape; the table lamp comes complete with a matching oatmeal coloured shade, and the pendant light is complemented with a black bronze chain and ceiling rose.

Marrying coastal-inspired scallop outlines with the natural texture of raffia, finished with a neutral tapered edge for a smart, contempory look, the Marina collection includes pendant and wall light options that work perfectly throughout the home creating a warm, welcoming glow.

Athena Medium Table Lamp and George Sofa in Fermoie Carskiey Stripe; Malton Round Glass Table Lamp

Fabrics & Upholstery

Continuing the partnership with Fermoie, Neptune adds a series of new colourways and designs to its fabric and upholstery collections.Across scatter cushions and upholstery, Carskiey Stripe, a broad red stripe adds a flash of colour, while Cove’s geometric design, reflective of waves scudding across the surface of water is available in a neutral colourway, and Fermoie’s instantly recognizable Shell Grotto is introduced in a fresh spring green colourway.

New for gathered lampshades, a light cotton and linen have been introduced that are wonderfully atmospheric when lit from within: Rabanna, a re-drawing of India’s earliest print in made from 100% cotton comes in Nut Brown, and Wicker, a lattice design similar to honeycomb, launches in a green colourway this season.

Tableware & Vases

New contemporary glass scallop-edged serveware, mouth-blown by artisans in Poland, the Lana trifle bowl and delicately footed bon bon bowls make a striking spring centrepiece for desserts or seasonal decorations.

In keeping with Neptune’s history of naming glassware after London locations, Pimlico is a contemporarty tapered glass jug with glass stirrer perfect for serving spring drinks. Pimlico is traditionally hand blown by skilled artisans and pairs well with the Greenwich glassware collection and Ella tumblers.

With a fluted design and gently undulating rim, the Serena vases echo the soft movement of rippling waves. Available in small and large sizes, they are perfect filled with Neptune’s seasonal stems, a candle, or left empty as a decorative piece. 

Haryln Jute Rug and Frome Coffee Table; Serena Painted Glass Vases and Athena Mini Wall Light;

artwork by Martha Holmes, from Neptune’s new partnership with Artground gallery

Furniture & Rugs

A modern take on classic regency design, the Frome console and coffee table feature slim, rounded corners for a refined look, while woven rattan undershelves bring texture and warmth to the painted oak furniture. 

A simple, relaxed shape with a removeable loose linen slipcover, the new Long Island footstool complements all existing Long Island pieces. Add to a sofa to create an L shape, position in front of the armchair or love seat for extra comfort, or use as a standalone ottoman in a living or dressing room.

This season Neptune introduces four new rug collections named after British beaches: Bantham, Saunton, Fistral and Haryln. Taking inspiration from nature’s coastal patterns where the land meets the sea, each design brings traditional artisanal methods and quality natural materials into the home.

Candles & fragrance

Evocative of fresh sea air, Sea Salt & Driftwood candles and diffusers have base notes of sandalwood and moss which provide depth, while sea salt, basil and ocean mist top notes create a clean and uplifting fragrance for the home.

Artground Partnership

Neptune is excited to announce the launch of a new partnership with Artground, a contemporary gallery championing leading emerging artists from around the country. In Neptune stores across the UK and linked to Neptune’s seasonal collections, Artground will curate art exhibitions championing a local artist from the area, creating a space for the discovery of new artists and artwork for the home.

The partnership begins at the end of March in the Bath store with artist Martha Holmes whose abstract studies are inspired by the colour and light of the Cornish coastline.

Aalish Yorke-Long, CEO Neptune said: “For Spring 2024 we are focussing on the beauty of the British coastline and exploring this through shape, texture and a natural colour palette to craft a collection of homeware and furniture that is simple, honest and beautifully executed.”

Work is progressing well at a new Bovis Homes location in West Malling, with show homes due to open this spring.

Construction work at Pippins Place on the eastern edge of the Kent village started last year and the first homes were released for sale in the summer.

Two show homes are to open in the housebuilder’s four-bedroom Aspen and five-bedroom Birch house styles in February while the first new residents are expected to move into their completed homes in early Spring.

Candice McCabe, marketing manager for Bovis Homes, said: “The first homes are beginning to take shape at Pippins Place, and we are looking forward to opening a permanent sales office and show homes on site very soon.

“West Malling is highly sought-after among home-hunters because it is a charming village with a range of great restaurants, gastro pubs and boutique shops, and it is within easy reach of London.

“Pippins Place itself is just a 10-minute walk from the train station which has regular services into London taking less than an hour, so it’s the perfect location for commuters who work in the city but want to live away from the hustle and bustle.

“And there will be plenty to enjoy for those who come to live here as the development will include a country park, a children’s play area and an orchard. It will be a pleasure to come home to a property at Pippins Place.”

The development will be made up of 250 homes, which will include 150 three, four and five-bedroom properties for private sale and 100 affordable homes for rent or shared ownership. The affordable homes will range from one to four-bedroom properties.

The properties are being built on 44 acres of land to the south of the A20 London Road, with more than half the site providing green space, including a new country park.

A range of sustainability measures are planned for the scheme including solar panels and electric vehicle charging points at every house. There will also be measures to protect biodiversity including bird boxes and badger and hedgehog highways across the site.

Bovis Homes is part of Vistry Group, which also includes Linden Homes and Countryside Homes. Pippins Place is a joint venture between Vistry Kent and Wates Developments.

Natalie Flint, residential investment director at Wates Developments, said: “We have worked with many Vistry regions over the years, with Pippins Place being the first joint venture with Vistry Kent.

“The development has been carefully designed to minimise its impact on the environment and deliver sustainable new homes which will become an integral part of the local community in West Malling.

“We are pleased to see that construction at Pippins Place is now well underway and look forward to seeing the first new homes taking shape.”

There’s currently a choice of three, four and five-bedroom Bovis Homes houses available to reserve at Pippins Place, with prices starting from £459,995. To find out more, visit bovishomes.co.uk.