In February Merton Council gave the first look at their plans for the 24/25 budget. Overall, it aims to achieve a balance that will protect frontline services, support locals, and allow investment while also dealing with the financial burden. It got approval on March 6th. We want to have a closer look here because it will have an impact on property investment in Merton in the year ahead.
The details
A crucial thing the budget looks at is the financial pressure on the council. Several factors are making it harder, including Government funding cuts, higher demand for services, an increase in costs, and a drop in revenue from various fees. As a result, the local authority is in a situation where it is having to do more with less while also investing for the future.
To address the financial issue, council tax will increase in 24/25 by 4.99%. It will bring in more money for the local authority to help fund services. A major part of the increase will be specifically for ensuring key services like adult social care will be available.
The council does appreciate that increasing the council tax will be a concern to some locals, especially because of the cost of living crisis. To help, they will be expanding their support scheme. With it, around 10,000 households will get lower bills. Of these, as approximately 7,000 will have no bill to pay. The others will have a reduction.
Investing in the area
An important thing the council has specified though is that their balanced budget will still allow them to invest in the area. There will be some really important projects, including property investment in Merton.
One of the key things is they will be looking to invest in building new council homes. These would be the first additions to the stock in a generation. Funding will add to the Affordable Housing Fund so it will help finance the developments.
In addition, the council will be investing to ensure the borough remains a safe place to live, work, and visit. As part of this they will be improving the CCTV network. Plus, they will improve roads, paths, and cycling infrastructure.
Merton has a reputation for having some of the best parks and green spaces in London. They are vital community assets. The council will work to maintain and improve them to ensure locals can continue to access them.
There will also be work to improve town centres and high streets, including Morden. The council will be looking to attract investment by offering match funding. As a result, developers will be able to massively boost their budgets.
The council will also be providing funding for community groups and local sporting facilities. They want to help support the communities, improve health and wellbeing, and boost inclusivity.
Do you want help with property investment in Merton?
Finefair Ltd has plenty of experience with properties in London. We support clients with assets all over the city and have our own portfolio too. As a result, we can offer the best solutions for things like management and guaranteed rent. We can also review portfolios and consider opportunities like HMO conversion. Plus, we can consult if you are trying to decide if a new investment would make good financial sense.
So, when it comes to property investment in Merton or other areas in the city, you can rely on us. Get in touch and let us know what you need; we’ll deliver it and more.
