Mortgage brokers have thrown their weight behind industry efforts to modernise the homebuying process while calling on the Chancellor to reduce stamp duty and introduce wider tax reforms, according to HSBC UK’s latest Broker Barometer.

The quarterly survey of 465 brokers, carried out in October, found strong support for ‘Project 28’ — the cross-industry initiative designed to cut the time between agreeing a sale and exchanging contracts from 109 days to just 28.

Nine in 10 brokers (89%) view the project as a step forward, with over a third describing it as a “very significant” development.

Brokers identified four main priorities for the initiative: better upfront information, early instruction of conveyancers, secure data-sharing between parties, and quicker commissioning of leasehold packs. Almost six in 10 believe the 28-day target could be achieved within one to two years.

Chris Pearson, head of intermediary mortgages at HSBC UK, said: “Brokers are strongly backing initiatives like Project 28, recognising the power of innovation to improve the home-buying experience for their customers.

“Their support underlines a shared commitment to make the process faster, more transparent and more efficient — something that will benefit brokers, customers, lenders and conveyancers alike.”

CALLS FOR TAX REFORM

Looking ahead to next month’s Autumn Statement, brokers urged Rachel Reeves, the Chancellor, to focus on reforms that support affordability and stimulate housing supply. Stamp duty reform emerged as a clear priority, alongside calls for tax reductions, higher tax band allowances, and renewed support for first-time buyers.

Respondents also called for investment in affordable housing and infrastructure, as well as a consistent approach to taxation and spending to promote economic stability.

While confidence in the wider economy has dipped since the summer — 61% of brokers rated their outlook at five or above out of 10, compared with 78% in the previous quarter — most remain upbeat about the year ahead.

INDUSTRY OPTIMISM

Despite expectations of softer activity following the summer, two thirds (67%) described 2025 as a good year for the mortgage market. The survey’s Broker Happiness Index held steady at 69, with seven in 10 brokers rating their satisfaction at seven out of 10 or higher.

Lender stress-rate reductions have also had a visible impact, with nearly two thirds (63%) reporting an increase in lending volumes since affordability assessments were eased.

More than 80% of brokers plan to stay in the industry long term, and 65% expect their firms to grow over the next 12 months — 11% significantly so.

Pearson said: “Despite some economic uncertainty, brokers remain pragmatic and positive about the year ahead.

“Confidence in the market, coupled with continued high levels of job satisfaction, shows an industry that’s grounded but optimistic.

“The mortgage industry is evolving rapidly, and the broker community continues to be at the heart of that change.”

He added that brokers had “sent a clear message” to the Chancellor: “Measures that support affordability, stimulate housing supply and simplify taxation will make a real difference, but the priority must be reform of stamp duty.”