Landbay polled advisers to see how they felt about the fiscal event and found that 77% were disappointed with the announcements the Chancellor made, and 19% were unsure of how they felt.
In the lead-up to the Spring Statement, Chancellor Rachel Reeves insisted it was not a budget and there would be no “tax and spend” policies.
The statement ended up being relatively light on any announcements impacting the housing market, with the standout messages being that the government’s reforms to planning would add to GDP growth and it would be within its one-and-a-half million housebuilding target over the next five years.
Reeves also announced that the Office for Budget Responsibility (OBR) had revised down its outlook for the UK’s economy, and halved its projection for growth to 1% this year.
Rob Stanton, sales and distribution director at Landbay, said: “The findings highlight a sense of frustration among mortgage professionals, with only a small minority of brokers expressing approval. The significant percentage of brokers who remain uncertain suggests a need for greater clarity and some outright support from policymakers to address the challenges facing the sector.
Shawbrook is the specialist mortgage sector’s ‘best kept secret’ – Sard
Sponsored by Shawbrook Bank
“The Spring Statement appears to have missed the mark for the vast majority of mortgage introducers, who are on the frontlines supporting landlords and investors. At Landbay, we’re committed to listening to brokers and providing the flexible, competitive buy-to-let solutions they need to thrive, regardless of the broader economic landscape. We’re here to work collaboratively to address these challenges and deliver for clients.”
He added: “We’re doing our bit. But we can’t operate in a vacuum; government policy must also play its part. If Rachel Reeves is serious about growth, she needs to support small business owners like landlords as they look to turn a profit, not hound them out of the private rented sector.”
