Most mortgage brokers believe a small cut to the Bank of England’s Base Rate next week would provide the biggest boost to the housing market, according to HSBC UK’s latest Broker Barometer.
The survey found that 41% of brokers favour a reduction from 4% to 3.75%, viewing a modest cut as the most effective way to restore confidence and improve affordability after months of subdued activity. A further 25% would like to see a deeper cut to 3.5%, while 16% prefer a more aggressive reduction to 3.25%.
Only 18% of brokers think the Base Rate should remain unchanged at 4%, and fewer than 1% see any benefit in an increase.
Brokers said that even a small reduction could help stabilise buyer sentiment and support a smoother recovery in housing transactions, which have remained sluggish throughout much of 2025.
The research also found strong broker confidence in Project 28 — the industry’s technology and service transformation programme designed to make the mortgage process faster and more efficient.
Brokers cited continued investment in digital innovation as key to improving application times and customer experience, helping the market adapt to shifting demand and tighter affordability.
Many also called for wider policy support, including reforms to stamp duty to help first-time buyers and unlock movement in the housing chain.
Chris Pearson, head of intermediary mortgages at HSBC UK, said: “Brokers are the beating heart of the mortgage market and are clearly signalling that a modest Base Rate cut, combined with ongoing innovation and stamp duty reform, would help put the housing market on firmer footing.
“Project 28 is central to ensuring that our broker partners and their clients experience faster decisions, better tools and greater certainty in what remains a challenging environment and with momentum could be a real game-changer.
“It takes far too long to buy a property at the moment. HSBC UK is fully behind this initiative, but we need everyone to lean in over the next few years to make the aims of Project 28 a reality.”
The Bank of England is due to announce its next Base Rate decision on 6 November.
