Ahead of the government’s Spring Statement on Wednesday, industry figures have proffered their opinions on what to expect from Chancellor Rachel Reeves (main picture).
However Tony Hall, head of business development at Saffron for Intermediaries reckons that we’re unlikely to see any major housing announcements in this week’s Spring Statement.
He said: “While we understand the economic pressures the government faces, we urge Rachel Reeves to look beyond immediate challenges and focus on long-term solutions. At Saffron, we see three key areas for action.
“The first is to extend stamp duty concessions. There’s a significant bottleneck of deals as the stamp duty deadline approaches in early April. We’re hearing from brokers that transactions started as early as January may not complete in time. We urge the government to extend the deadline to support the estimated 75,000 homebuyers at risk of missing out and facing higher tax bills.”
AFFORDABILITY
He added: “We also need to boost homebuyer affordability. Following the FCA’s reminder about lender flexibility, we’d like to see the government increase the LTI limit – or scrap the cap altogether, allowing lenders to set their own boundaries, so long as they can demonstrate they are lending responsibly.
“Additionally, greater recognition of rental payment history as evidence of affordability would help more buyers get on the ladder.”
MORE HOUSING
And he said: “Expand housing stock: A key barrier for homebuyers is actually rooted in the very start of the process: property development.
“Developers face a number of significant challenges from inconsistent planning rules to labour shortages. One change that could make a lot of difference would be standardising planning processes across local councils to remove inconsistency between boundaries.
“Meanwhile, putting schemes in place to encourage more young people into trades would strengthen the workforce and support the delivery of the government’s 1.5 million homes target.
“While we appreciate the economic backdrop, a lack of meaningful housing policy could further dent market confidence – a risky move given the property sector’s crucial role in driving economic growth.”
MARKET SENTIMENT
Mark Michaelides, Molo Finance’s chief commercial officer, said: “First and foremost, we’ll be looking out for the latest set of economic forecasts from the OBR, in particular its projections relating to inflation and government borrowing, and how these feed through to broader market sentiment.
“Our buy-to-let market continues to be highly sensitive to these economic indicators.
“While we don’t expect a great deal on policy or reform, we’ll be hoping for further detail on how the government looks to achieve its ambitious housebuilding targets in addition to any green initiatives to support EPC improvements.”
HELP TO BUY
John Phillips, CEO of Just Mortgages and Spicerhaart, added: “A Help to Buy scheme that includes second-hand properties or stronger backing for Shared Ownership would be a game-changer.
“The housing market is a key driver of economic growth—supporting buyers means supporting the economy.
LONG-TERM STABILITY
Matt Harrison, commercial director at finova Broker, said: “Buyers will rush to complete transactions before the deadline, only for the market to slow dramatically afterward.
“The government must consider measures to smooth out these peaks and troughs to ensure long-term stability.”
WRONG DIRECTION
Martyn Smith, managing director of Black & White Bridging, said: “The government pledged 1.5 million new homes, but we’re heading in the wrong direction.
“Residential construction has been in decline for five straight months, and unless the Statement tackles this head-on, the housing crisis will only deepen.
“Simply approving planning permissions isn’t enough. Developers need tangible support, including solutions to material and labour shortages and improved access to finance, particularly for SME builders. Without this, meeting housing targets remains a distant hope.”
CLEAR STEPS
Mark Tosetti, CEO of Conveyancing Alliance (CAL), said: “While digital ID verification and e-signatures have made progress, the government must take a more structured approach to modernising the homebuying process.
“We need clear, actionable steps—not just vague promises—to bring homebuying into the 21st century.
“It will be up to us as an industry to take responsibility for what we can control. If major reforms are introduced to propel the sector forward, that’s great. If not, we must continue using the tools and technology at our disposal to drive progress.”
NATIONAL INSURANCE
Nick Jones, mortgage sales and marketing director at Access Financial Services, said: “The planned increase in employers’ National Insurance Contributions could deter hiring and investment.
“Adjusting NIC thresholds could help prevent job losses and maintain economic momentum – especially in sectors like retail and hospitality.”
STAMP DUTY EXEMPTION
Leon Diamond, CEO of LiveMore, said: “A targeted stamp duty exemption for older homeowners looking to downsize would free up larger homes for growing families, while also allowing retirees to access their equity and reduce living costs.”
And Maria Harris, Chair of OPDA, added: “A more transparent and efficient system will reduce transaction times, cut costs, and provide greater certainty for buyers, sellers, and industry professionals.”
