Chancellor Rachel Reeves’ Spring Statement highlighted the UK’s improving economy and reaffirmed the Government’s ambitious housebuilding targets, as she once again vowed to “get Britian building.”
However, the Statement failed to directly address mortgage market, as potential buyers and homeowners continue to face mounting difficulties due to high borrowing costs.
Despite this glaring omission, Reeves reassured the public that the Government is still meeting its fiscal rule, ensuring that day-to-day spending is covered by tax receipts within five years.
According to updated Office for Budget Responsibility (OBR) forecasts, the UK maintains a headroom of £9.9bn to meet this target.
However, the Statement revealed that deficit projections have worsened compared to previous forecasts, with larger shortfalls expected over the next two years before giving way to smaller surpluses later in the decade.
The deficit for 2025-26 is now expected to reach £36.1bn, significantly higher than the £26.2bn forecasted in October, while 2026-27’s deficit has risen to £13.4bn from the previous £5.2bn projection.
Surpluses in the following years have also been revised downward, with 2027-28 now expected to see a surplus of £6bn instead of £10.9bn, and 2028-29’s surplus dropping from £9.3bn to £7.1bn.
Only the 2029-30 forecast remains unchanged at £9.9bn.
In addition, Reeves pointed to falling inflation and a stabilising economic outlook as sources of optimism.
The OBR projects inflation to return to the Bank of England’s 2% target by 2027, with interim figures showing a decline to 3.2% in 2025 and 2.1% in 2026.
Reeves argued that these improvements provide “the security [families and businesses] need” and a stable platform for economic growth, with GDP expected to rise by 1% this year.
One of the key focal points of Reeves’ statement was her commitment to boosting housebuilding through a range of planning reforms.
She reiterated the Government’s ambition to “get Britain building again,” citing changes to the National Planning Policy Framework (NPPF) that reintroduce mandatory housing targets and allow for the development of greybelt land.
These reforms, coupled with increased capital spending, are projected to permanently boost real GDP by 0.6% over the next decade.
Reeves promised a 40-year high in housebuilding, with 1.3 million homes expected to be constructed in the next five years, moving the Government closer to its manifesto target of 1.5 million homes.
She further highlighted a £2bn investment in social and affordable housing and a £600m workforce training initiative aimed at preparing 600,000 construction workers to support new development.
However, the Statement failed to acknowledge the challenges of obtaining a mortgage amid persistently high interest rates.
With no new schemes to assist first-time buyers, such as Government-backed low-deposit mortgages or extended Help to Buy-style initiatives, there was little relief for those struggling to secure affordable lending.
Additionally, Reeves also remained silent on the impending rollback of the Stamp Duty cuts originally introduced in 2022, which means homebuyers will soon face increased tax liabilities when purchasing property.
The reduction of the nil-rate threshold from £250,000 back to £125,000 will significantly increase costs for buyers at all levels of the market.
Beyond homeownership, the Spring Statement also failed to provide clarity on the rental market, which is facing uncertainty ahead of the Renters’ Reform Bill.
Meanwhile, small and medium-sized enterprises (SMEs), often the backbone of local economies, were also left out of Reeves’ policy agenda.
With businesses still grappling with high costs and challenging borrowing conditions, the lack of targeted support will do little to reassure entrepreneurs who are seeking stability and growth opportunities.
Reaction:
Ben Thompson, deputy CEO, Mortgage Advice Bureau:
“While the Chancellor has reinforced the government’s commitment to get Britain building again, there was little else for aspiring first-time buyers or home movers to get excited about in today’s Spring Statement.
“The focus now must shift towards more direction and innovation from regulators and lenders to support a larger pool of borrowers and open up the housing market.
“Responsible lending proposals to consider relaxing affordability criteria and loan-to-income (LTI) caps, and the development of mortgage products that focus on rental track records are just some of the options that would be welcomed with open arms, making homeownership more accessible and affordable.
“We’ve also long campaigned that those who buy or retrofit their homes to a higher EPC rating should be rewarded.
“This is alongside pushing for more concrete investment to encourage retrofitting 29 million of UK homes.
“We believe this can be achieved through offering a Stamp Duty refund to those who buy and then retrofit to an EPC rating of C or above, and we hope this will be reconsidered by the government in the future.”
Jim Boyd, CEO of the Equity Release Council:
“With a difficult economic climate and the current international uncertainty, today was always going to be a careful balancing act as the Chancellor looked to meet her fiscal rules while at the same time encouraging growth.
“Despite this, the Chancellor’s Statement was upbeat and the proposed changes to planning rules have been recognised by the Office of Budget Responsibility as increasing GDP by 2029/30 which is good news.
“For the later life lending market, the lack of any unwelcome surprises is reassuring as consumers value certainty when making long term plans.
“However, high gilt yields which are linked to Government borrowing remain a key concern for funders, advisers and lenders.
“At a time when more pensioners are paying tax due to frozen thresholds while others are feeling the full brunt of the rising cost of living, equity release products can provide invaluable support.
“The proposed public discussion into lending into later life announced by the Financial Conduct Authority could therefore not come at a better time and we look forward to engaging with the process when it is launched in June.”
Dave Seed, managing director at Qube Residential:
“Despite the Government’s commitment to a single Budget each year to provide much-needed stability, today’s spring statement announced by Rachel Reeves, while not a proper Budget, highlights the Government’s continuous promise of growth, even though it aims to achieve this by making spending cuts and tax increases.
“The public spending cuts announced today will almost certainly impact the broader economy, further slowing the already sluggish housing market as confidence continues to decline. Uncertainty discourages landlords and even developers from expanding portfolios, limiting the rental housing stock.
“That said, I support Rachel Reeves’ announcement of an additional £2bn for affordable housing.
“This funding is set to deliver 18,000 social homes, though it’s undoubtedly aimed at softening the blow of today’s spending cuts.
“However, these sudden cuts could still discourage both current and prospective investors, impacting long-term housing supply and market stability.
“Developers and landlords may find some comfort in this pro-growth stance, but many will likely remain hesitant to make any major moves after today’s announcement which was meant to provide reassurance.”
Theo Chatha, CFO at Bibby Financial Services:
“The Chancellor’s Spring Statement will be a huge disappointment to the UK’s small and medium sized enterprises.
“We know 87% of SME business leaders are eager to invest and nearly half were deferring major investment decisions until after today’s Statement.
“Will SMEs feel more confident after today’s announcements? Likely not, and we could see a worrying continuation of this “wait and see” approach as businesses further delay decisions on areas of investment such as machinery, technology and recruitment – resulting in an economic lag for the UK.
“Off the back of an unpopular Autumn Budget and with increased employer National Insurance contributions and business rates set to rise, today’s statement was a missed opportunity to support the UK’s SMEs.”
Iain McKenzie, CEO of The Guild of Property Professionals:
“The Chancellor’s Spring Statement highlighted the potential impact of Labour’s planning reforms, with the OBR forecasting a forty-year high in housebuilding.
“If realised, this could be a game-changer for the housing market, helping to address supply shortages and improve affordability.
“However, while the Government acknowledges the housing market’s significant influence on the wider economy, it remains frustrating that it is not being treated as a priority.
“Increased housing market activity drives consumer spending and economic growth, yet little was said about measures to stimulate transactions and support buyers.
“We need more than just planning reforms to truly unlock the potential of the property sector.
“Stamp Duty reform, mortgage accessibility, and targeted incentives for buyers and sellers must all be on the agenda if we are to create a sustainable and thriving housing market that benefits both individuals and the economy as a whole.”
Felicity Barnett, lender operations manager, Mortgage Advice Bureau:
“Today’s announcement thatplanning reforms will ensure housebuilding reaches a 40-year high, with 1.3m homes predicted to be built over the next five years, is a step in the right direction.
“Now, our industry must ensure we’re doing everything we can to, as Rachel Reeves highlighted, ‘come within touching distance’ of the 1.5m target.
“In the context of rising rents, house prices, and the cost-of-living, demand for more affordable housing has never been greater – especially in a post Help-to-Buy world.
“Following these latest announcements, more innovation from lenders is needed. Rather than rinsing and repeating old products, we need to apply outside of the box thinking to enact real change.
“Focus must shift to how we can open up the contracting market, as opposed to increasing share.
“More emphasis needs to be placed on the first-time buyer market.
“As an industry, we must now work as a collective to lower the current average first time buyer age of 35+, providing those in their twenties with more accessible, affordable options to get on the property ladder.
“In particular, there needs to be a marked shift in boosting the number of renters transitioning to become first-time buyers.
“These are prospective homeowners who are currently trapped by strict affordability criteria. For starters, more could be done at government level to fully realise Shared Ownership’s true potential, but this still won’t be enough on its own to achieve housebuilding targets.
“We’ll wait with bated breath to see how the FCA’s proposals to relax mortgage lending rules develop in the next few months.”
Michael Wynne, co-founder of Q New Homes:
“The reintroduction of mandatory housing targets, coupled with planning reforms, has certainly been a shot in the arm for the construction industry.
“More homes for families is also a benefit for the economy, with the OBR now forecasting that it will help to bring £6.8bn back into the public pocket.
“The continued investment in recruitment in the construction sector will also come as welcome news. Recruiting and training new builders will be essential for the industry’s growth.
“Investing in young talent not only helps to address skills shortages but also provides valuable career opportunities for the next generation.
“Encouraging young people to pursue careers in construction can bring fresh perspectives, innovation and long-term stability to the sector.
“There is an easy way to bring even further growth to the economy, provide long-lasting housing to families and inject some innovation into the construction industry… ensure that new homes are built with sustainability at the forefront.
“There is strong buyer demand for green, energy-efficient homes, with features like high-quality insulation and renewable energy sources becoming top priorities, especially given soaring energy costs for consumers.
“Building greener homes does not just help to reduce carbon emissions, it also helps to keep bills down for homeowners and train those working in the industry new skills for the future of housebuilding.
“The forecasts of a 40-year high for construction output should be welcomed by the housing industry and first-time buyers alike, however, it is not good enough to simply throw these houses up with little regard to quality. We need to see them built for the long-term.”
Timothy Douglas, head of policy and campaigns for Propertymark:
“The Spring Statement had a clear focus on the vital role housing plays in the UK economy and as part of the UK Government’s plan for growth, so it is encouraging to hear that planning reforms will boost national income.
“However, workforce challenges remain and it’s vital that local councils have the resources required to deliver effective planning and infrastructure so communities up and down the country and the wider economy really benefit.”
Marc Acheson, global wealth specialist at Utmost Wealth Solutions:
Rachel Reeves stated that she has restored full headroom against the ‘stability rule’ through spending cuts rather than raising taxes and that the Government will be running a surplus of £9.9bn by 2029-30.
“However, with the OBR slashing growth forecasts in half for 2025, the risks are to the downside.
“Her headroom is wafer-thin and if economic conditions deteriorate and that headroom evaporates, it could pave the way for future tax rises later in the year if spending cuts prove insufficient to plug gaps.
“There was nothing in this statement to stem the flow of non-doms, many of whom have been leaving to more favourable jurisdictions following the removal of IHT protections on existing settlements announced in the Autumn Budget.
“As a result, we can expect to see a continuation of non-doms and HNWs exiting the UK in the coming years, with significant ramifications for future tax receipts.”
George Holmes, managing director of Aurora Capital:
“The Spring Statement delivered few surprises, but for small businesses, that’s part of the problem.
“With no new tax or spending support announced, and inflation now down to 2.8%, many small and medium enterprises (SMEs) will feel this was a missed opportunity to help them weather the cost pressures they’re still facing.
“Employment costs are set to rise significantly in April, with higher National Insurance contributions and the increase to the National Living Wage kicking in.
“Yet, despite clear warnings from business groups, there was no new support to ease the pressure on small employers; no targeted reliefs, no funding boosts, and no signal of short-term help with borrowing costs.
“If the Government is serious about making the UK the best place to start and scale a business, it needs to do more than talk about long-term stability.
“Small businesses are ready to drive growth, but they can’t do it on their own.”
Jeremy Leaf, north London estate agent and a former RICS residential chairman:
“Our first wish was granted – the Chancellor didn’t do much, if anything, to deter existing activity in the housing market.
“The first way of dealing with a problem is to recognise it and the Government seems to have realised that there is a housing crisis.
“It has been widely accepted that affordable housing in particular is insufficient and improving planning is a significant contributor to that aim.
“Rachel Reeves said herself that it is too slow so the extra funding announced yesterday in the social and affordable homes programme is good news, although we still need more detail of where, when and how those spades are going to be in the ground.
“We are disappointed there wasn’t more direct assistance for the private sector, particularly SMEs who cumulatively can make such a big difference to the overall problem.
“Builders won’t build unless it is profitable for them to do so and there is reasonable prospect of adequate demand for the product envisaged. It would have been good to see some recognition of this.
“It also seems a little unfair on those who have moved heaven and earth to take advantage of the stamp duty concession before it disappears but who may not make it, through no fault of their own.
“The deadline could perhaps have been extended for those transactions in solicitors’ hands from the beginning of February as a small respite.
“Looking forward, a broader review into the impact of stamp duty on the market and making it less of a deterrent, particularly at the first-time buyer end, would have been welcome.
“We were sorry not to see anything supporting landlords to stay in the sector because it is not just a question of keeping house prices in check but also rents, which have softened a little lately but are still too high.
“Overall, it’s a six out of 10. Could do better and hopefully this will improve to an eight out of 10 in the next few months if these policies are seen to be making a contribution.”
Mark Tosetti, chief executive officer, Conveyancing Alliance (CAL), part of Movera:
“After an underwhelming Spring Statement, especially concerning the property market, it now appears the sector must pull itself up by it’s 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, in innovation and tech, and in other enablers that support the ambition of individual brands and ultimately builds the whole sector up with it.
“Investing in our platforms to drive efficiency, quality and turnaround times, deploy best-in-class solutions 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.”
Richard Pike, chief of sales and marketing at Phoebus Software:
“The Spring Statement was a chance for the government to take meaningful action on the UK’s housing challenges, but it fell short.
“With housebuilding targets under pressure and affordability concerns growing, we needed bold, practical measures – not just rhetoric.
“The 2025 UK economic growth forecast has been halved to just 1%, which will inevitably impact business confidence.
“In an uncertain economic climate, clear policy direction is needed to support investment in housing and ensure developers, lenders, and buyers have the confidence to move forward.
“Despite Labour’s commitment to boosting housebuilding, the real test lies in delivery. While the OBR forecasts housebuilding will reach its highest level in over 40 years by 2029/30 as a result of planning reforms, it will still fall short of the 1.5 million homes target, but if 1.3 million homes are built, that would still be an excellent result.
“The government must do more to unlock existing supply, particularly in affordable and later-life housing.
“Greater support for SME developers and a move towards reassessment of stamp duty could have helped create a more dynamic and accessible market at a time when economic uncertainty risks slowing progress further.
“For lenders and intermediaries, making property transactions smoother and more efficient should be a priority.
“But with no clear commitment to improving digital infrastructure or fostering innovation in mortgage technology, the barriers that slow down home purchases remain firmly in place.
“Hopefully the excellent work we and others are involved in with OPDA will help in this area.
“This was a missed opportunity to put forward real solutions to the housing crisis. The industry needs more than warm words—it needs decisive action.”
Jamie Jenkins, director of policy at Royal London:
“Today’s Spring Statement was largely just that, and not a Budget, which is now reserved for the Autumn. Hopefully, the nation’s finances spring forward, but don’t fall back.
“As widely expected, the Chancellor has committed to having one fiscal event each year, sticking to the Government’s self-imposed fiscal rules, and not raising the three main rates of tax on working people.
“There were no new tax rises announced, rather, a focus on reducing the welfare bill as already widely trailed.
“If there were anything that could be viewed as a ‘rabbit from the hat’ it was that the OBR has attributed a significant uplift to growth forecasts against the planning reforms announced.
“There were no concrete announcements on pensions or ISAs, but a brief mention of the former in the speech, and a reference to a forthcoming consultation in the accompanying papers on the latter.
“In both cases, the focus will be on generating greater investment in the UK economy, and specifically growth sectors. We can expect more detail on this in the coming weeks.”
Matt Harrison, commercial director at finova Broker:
“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 set to drop in April 2025, we are already seeing a rush of buyers trying to complete transactions before the deadline, which is likely to be followed by a sharp slowdown later in the 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.
“A more strategic, long-term vision for the housing sector is sorely needed.”
Jonathan Handford, managing director at national estate agent group Fine & Country:
“The planning reforms announced in today’s Spring Statement are a significant step forward for the UK housing sector — especially for first-time buyers struggling to get onto the property ladder.
“For too long, an outdated and restrictive planning system has held back housebuilding, creating a chronic undersupply of homes, particularly in high-demand areas.
“These reforms will help unlock land, cut red tape, and support responsible development, ensuring more high-quality homes are built where they are needed most.
“The Office for Budget Responsibility (OBR) has forecast that these changes will drive housebuilding to its highest level in over 40 years, with an extra 170,000 homes delivered by 2029 to 2030 — boosting annual supply by 30% after a decade of stagnation.
“More homes mean more options for buyers, easing affordability pressures and making homeownership a more realistic goal for many.
“The housing market is a pillar of the UK economy, and long-term stability is key.
“Alongside planning reform, the government should consider further support, such as a modernised Help to Buy scheme and targeted Stamp Duty reductions.
“A planning system that prioritises responsible development — combined with policies that support first-time buyers — will unlock opportunities, increase affordability, and create a stronger, more accessible property market for all.”
Kristian Niemietz, editorial director at the Institute of Economic Affairs:
“While the Spring Statement was overshadowed by the bad news of downgraded growth forecasts, there are also some silver linings hidden in the OBR report which the Chancellor alluded to.
“In particular, the Government’s planning reforms are projected to lead to a 0.5% increase in the housing stock by the end of this decade, which, in turn, is projected to lead to a 0.2% increase in GDP.
“0.2% may not sound like much, but it is rather a lot if we bear in mind that this represents a pure gain, which comes at no cost and with no downsides.
“It is the equivalent of finding a pile of pound notes worth 0.2% of your annual salary lying around on the pavement: you would not feel like you had just won the lottery, but you would certainly pick them up.
“0.2% is just the direct, medium-term effect. The OBR also point out that if increased housebuilding leads to more people moving to high-productivity areas, the long-term growth effect would be higher still.
“This should raise the following question: if it is so easy to add 0.2% to GDP just with a fairly modest regulatory reform, why not repeat that exercise on a much bigger scale?”
Melanie Spencer, sales and growth lead at Target Group:
“Much to the dismay of the mortgage market and the wider housing sector, there was nothing really earth shattering to come out of today’s statement.
“It was interesting to see the 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 homebuying process, with no further progress announced – leaving lenders, platform providers and technology firms to do much of the heavy lifting.
“As announced prior, the Chancellor focused on reforms to the welfare system, all while aiming to cut some of the fat to make the government leaner and more efficient.
“She confirmed the use of AI tools to help modernise the state. Given that we have already seen examples of bias within Government AI systems – ones detecting welfare fraud no less – the government will have to tread the same careful line as financial services when implementing AI systems and make use of key partners and integrations to deliver innovation and efficiency while minimising risk.”
John Phillips, CEO of Spicerhaart and Just Mortgages:
“With the backing of the latest OBR forecasts, the Chancellor lauded housebuilding figures that the OBR predicts will be at a 40-year high by the end of this parliament – with 1.3 million homes putting it in ‘touching distance of its target’. If this is achieved – and it’s a big if – this would clearly be fantastic news.
“It was good to see further funding earmarked for affordable housing, as well as additional funding for the next generation of construction workers – although both were announced in advance.
“Today’s statement really offered nothing new and once again demonstrates the clear disconnect within Government between supply-side measures and tangible action and support to actually address affordability challenges faced by potential buyers in today’s housing market.
“We have long called for greater support – such as equity loan schemes or for existing schemes like Shared Ownership – to help people buy and ultimately support demand for new houses.
“The housing market plays a critical role in driving economic growth.
“While increasing supply is absolutely critical, we need measures now to give buyers the ability to buy – not just to enable people to achieve their homeownership goals, but to give the economy the adrenaline shot it needs.”
Chris Blewitt, head of mortgage distribution, Darlington Building Society:
“We welcome the Chancellor’s update yesterday on affordable housing and the £2bn affordable housing package delivering over 18,000 new homes, which includes many in Sunderland. This provides a much-needed significant boost to supply.
“In addition, the Government plans to train 60,000 workers in the construction sector to support this housing expansion and promote employment among young people, all of which can only make such targets potentially more achievable.
“The OBR has assessed that Labour’s planning reforms “will lead to housebuilding reaching a forty-year high” with changes to the national planning policy alone, helping build over 1.3 million homes in the UK within the next five years.
“The Chancellor stated that this will take Labour within “touching distance” of its promise to build 1.5 million homes in England this parliament.
“Such bullish statements should be welcomed, as recent research by planning consultants Marrons indicates that if the current trends continue, despite being England’s slowest-growing population (5%), more than 164,600 new homes will still need to be built across the North East to meet the needs of its population in 2040, which is expected to be 2.3 million aged 16 and over.
“These homes will need to come from a variety of sources, including self-build, which although a small sector, remains an incredibly important contributor to additional housing stock.
“Self-build properties account for around 12% of total housing output in the UK, according to AMA Research, but they only account for approximately 7% to 8% of all mortgage completions.
“So, more can be done to support those industrious homeowners who choose to build their own property.
“At Darlington Building Society, we take a proactive approach to supporting this part of the market and helping customers to build their own homes – ultimately benefitting the provision of housing stock.”
Simon Webb, managing director of capital markets and finance at LiveMore:
“The Spring Statement may have been a missed opportunity, but that doesn’t mean we stand still. If anything, it reinforces the need for the industry to take the lead in driving change for mid-to-later-life borrowers, many of whom struggle to access suitable mortgage products despite being financially responsible.
“We know the challenges – rigid affordability criteria, a lack of mortgage flexibility, and a tax system that discourages downsizing.
“While Government support would have helped, the sector has the expertise and capability to push forward regardless.
“By investing in innovation, improving digital infrastructure, and modernising lending criteria in line with today’s financial realities, we can break down barriers and provide more options for later life borrowers.
“Collaboration will be key. Lenders, brokers, and policymakers must work together to make the later life mortgage market more accessible.
“Expanding mortgage flexibility, streamlining application processes, and developing new products that better reflect later-life incomes are all within our reach.”
Mark Harris, chief executive of mortgage broker SPF Private Clients:
“The Spring Statement was underwhelming as far as the housing market is concerned.
“The Chancellor missed an opportunity to boost all-important transactions by extending the stamp duty concession or introducing some discount for downsizers.
“She also did nothing for first-time buyers, with no incentives or assistance to get them on the housing ladder – a significant shame as first-time buyers are the lifeblood of the market and enable existing homeowners to move up the ladder.
“Housebuilding, easing planning rules and improving the supply of new homes is vital but there was very little detail as to how these targets will be delivered.”
Jonathan Stinton, head of mortgage relations at Coventry Building Society:
“It’s good to hear the Government talking about growth and reducing unnecessary red tape, highlighting the ambitious plans to get housebuilding to a 40 year high.
“What matters now is making it happen, fast. We’re already a year into the initial 1.5 million homes target – now we need to see more homes actually being built, not just commitments being repeated.
“Housebuilding is crucial to tackling the housing crisis, and while plans and targets set the direction, it’s the delivery that counts.
“We need projects happening at a scale and pace to meet demand – there’s still a long way to go, and time is ticking.
“The focus now must be turning promises into real homes for the people who need them.”
Tony Hall, head of business development at Saffron for Intermediaries:
“Today was a missed opportunity to help the estimated 75,000 people who are expected to miss next week’s Stamp Duty deadline.
“As a result of the existing backlog, we’re hearing from brokers that cases opened as early as January are unlikely to close in time, dealing unexpected tax blows onto many prospective homeowners.
“We should be helping these people get onto the property ladder – for instance, through progressive affordability criteria that takes into account rent payments – rather than creating more hurdles for them to overcome in order to realise their housing aspirations.
“That being said, a silver lining from today’s Spring Statement was planning reforms taking centre stage, with the Chancellor setting out ambitious plans to build 1.3 million homes in the UK over the next five years.
“However, while the commitment to accelerate housebuilding is welcome – especially 18,000 social and affordable homes – there is apprehension from the market on whether these targets can realistically be met, given the structural challenges that have long constrained property development.”
Richard Sexton, commercial director of proptech HouzeCheck:
“I was disappointed, frankly. First, I don’t buy this idea that the Spring Statement exists purely to offer an update on the economic and fiscal position.
“Think back to 2019 – Philip Hammond’s spring statement was full of announcements. I felt this iteration, on the other hand, lacked ambition.
“Reeves was certainly very unwise to neglect the property market – there was nothing new in there about meeting the 1.5 million homes target, however positive that would be for UK housing.
“Second, I wanted to see more investment in digital training. 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 starting to use tech to prompt valuers as they are surveying a property and to ensure they report accurately and consistently.
“With more access to AI, we could accelerate the profession’s adoption of tech, surpassing the use of AI to provide humans with tech guard rails.
“We’re not unique in requiring more people with digital skills – if Reeves were serious about chasing growth, she would have invested money in boosting the country’s AI training.
“So, I felt this Spring Statement missed the mark. ”
