£50BN ASSOCIATION OF REAL ESTATE FUNDS RESPONDS TO BUDGET
London, 26 November 2025: Paul Richards, Chief Executive of the Association of Real Estate Funds, comments on the Budget:
“The standout measures have to be the continued streamlining of the planning system – where Rachel Reeves correctly linked infrastructure and housebuilding to economic growth – and the relieving local government pension schemes of stamp duty land tax. This is a hugely technical measure, but it should be a big game changer for the savings of millions of hard-working Britons.
“We would like to have seen more support for the innovative Reserved Investor Fund – because it’s designed to deliver Government commitments to growth and sustainability – and the reinstatement of Multiple Dwellings Relief. The latter impedes commercial developers building new homes.”
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For further information, please contact:
Paul Richards, AREF: [email protected]
David Butcher, Communications and Content: 07834 350101 or [email protected]
About the Association of Real Estate Funds
The Association of Real Estate Funds (AREF) is the body that represents the interests of its member funds, those firms that advise and support them, and the end customers that invest in our member funds.
Our membership includes over fifty funds spanning the leading real estate fund management houses in the industry, through to smaller, specialist boutiques, with a collective net asset value of over £50bn. In addition, we have more than fifty affiliate members and several associate members.
We are recognised by policy makers, regulators, tax authorities and other official organisations as the leading spokesperson for real estate funds, so through bringing all stakeholders together we can influence the way our industry evolves.