Industry leaders had called for bold action, yet what they received was a series of modest updates that did little to address the pressing concerns of homebuyers, lenders, and developers.
Just more of the same
Melanie Spencer, sales and growth lead at Target Group, summed up the disappointment: “Much to the dismay of the mortgage market and the wider housing sector, there was nothing really earth-shattering to come out of the statement. It was interesting to see the Office for Budget Responsibility (OBR) predict that the government will come close to its housebuilding targets by the end of the Parliament, although we still lack any further updates on how potential borrowers will be supported in buying these properties.
“In just one measure, it would have been great to see changes to the Lifetime ISA to make it fit for purpose in today’s climate and property market. The same is also true for measures to help speed up the home buying process, with no further progress announced – leaving lenders, platform providers, and technology firms to do much of the heavy lifting.”
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A missed opportunity on skills and education
Nick Jones, mortgage sales and marketing director at Access Financial Services, pointed to a missed opportunity to invest in skills development: “The wider economy would have benefitted from a greater emphasis on education and skills. It’s the only way to support long-term growth. You have to put your money where your mouth is.
“We know this from our own experience: we run the Access Academy to improve skills in the mortgage and protection industry. The education piece can help advisers grow, and the proof is in the pudding – Access’ revenues grew by 46% in 2024. Education and investment in skills have the potential to turbocharge the UK’s economy, too. Reeves missed an open goal there.”
Housing market left without direction
Matt Harrison, commercial director at Finova Broker, criticised the lack of support for homebuyers amid the stamp duty changes: “It’s disappointing to see that the Spring Statement has not introduced any meaningful measures to support homebuyers in light of the upcoming stamp duty changes. With the tax-free threshold dropping today, we saw a rush of buyers trying to complete transactions before the deadline, and this is likely to be followed by a sharp slowdown in activity later this year.
“This pattern of market peaks and troughs is becoming all too familiar and does little to promote long-term stability. A more measured approach, with policies aimed at sustaining steady growth rather than fuelling short-term spikes, would have been welcomed by both buyers and industry professionals. Without intervention, affordability challenges will persist, and many prospective homeowners may find themselves priced out of the market.”
Lofty housing targets without real solutions
Damien Druce, commercial director at Black & White Bridging, called out the government’s reliance on planning reform without addressing wider economic issues: “The Spring Statement has proposed changes to the National Planning Policy Framework (NPPF) to deliver 1.3 million of the 1.5 million homes. But are planning policies the real ‘blocker’ here? Independent data suggests no. The number of planning applications submitted in the year to September 2024 was the lowest since records began in 2005. Housebuilders, facing high material costs, a weak economy, and low consumer confidence, are simply not bringing forward new projects.
“Black & White Bridging has supported the creation of 1,000 new homes through tailored short-term finance, helping property developers and SMEs build, refurbish, and repurpose properties. However, lenders alone cannot solve the UK’s 4.3-4.75 million home shortfall. The industry needs real support.”
Where was the investment in digital skills?
Richard Sexton, commercial director of proptech surveying portal HouzeCheck, lamented the lack of focus on artificial intelligence (AI) and digital skills: “If AI skills were more readily available, the surveying profession could leverage tech more to improve efficiency and decision-making in residential valuation. At HouzeCheck, we’re already using tech to prompt valuers as they survey a property and ensure they report accurately and consistently.
“With more access to AI, we could accelerate the profession’s adoption of tech. If Reeves were serious about chasing growth, she would have invested money in boosting the country’s AI training. This Spring Statement missed the mark.”
The industry must pick up the pieces
Mark Tosetti, chief executive at Conveyancing Alliance (CAL), part of Movera, believes the sector must take matters into its own hands: “It now appears the sector must pull itself up by its bootstraps. Let’s focus on the areas we can improve internally. We know the government has committed to digital transformation; we too must continue to commit to this.
“We as an industry must continue to invest in people, innovation, and tech. Investing in our platforms to drive efficiency, quality, and turnaround times can help break down blockers across the industry. This was not a defining statement for the Chancellor, but that doesn’t stop it being one for the sector.”
A statement that fell short
While the Chancellor may have intended the Spring Statement to offer stability, industry leaders are clear: it lacked the ambition needed to address the real challenges in housing, mortgage lending, and property development.
With affordability pressures rising and homebuilding slowing, it’s now up to the industry to push for the changes it needs – because waiting on the government may not be an option.
