Chancellor Rachel Reeves’s Spring Statement landed with a thud this week, leaving mortgage heavyweights underwhelmed. Industry experts had pinned hopes on decisive action to address housing shortages, affordability, and the tech lag plaguing the sector. Instead, they got a chorus of silence.
Richard Sexton, the new commercial director of surveying portal HouzeCheck, said: “I’m disappointed, frankly. 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 lacked ambition. Reeves was certainly very unwise to neglect the property market – there was nothing new in there about meeting the 1.5m homes target however positive the changes to the National Planning Policy Framework might be."
Simon Webb, managing director of capital markets and finance at LiveMore, also thought the Spring Statement was a missed opportunity. “But that doesn’t mean we stand still,” he said. “If anything, it reinforces the need for the industry to drive 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.
Matt Harrison, commercial director at finova Broker, said: “The statement did not introduce any meaningful measures to support homebuyers – despite 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. That is likely to be followed by a sharp slowdown. These peaks and troughs don’t 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 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.”
Richard Pike, chief of sales and marketing at Phoebus Software, agreed the statement “fell short”, stating: “The 2025 UK economic growth forecast has been halved to 1%, which will inevitably impact business confidence. In an uncertain economic climate, clear policy direction is needed to support investment in. With housebuilding targets under pressure and affordability concerns growing, we needed bold, practical measures – not rhetoric.
“The government must do more to unlock existing housing supply, particularly 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.”
Mark Tosetti, chief executive of Conveyancing Alliance, said that without government help, “the property sector is going to have to pull itself up by its bootstraps”. “Let’s focus on what we can do,” he said. “We know the government has committed to digital transformation; we must continue to commit to it, too. We, as an industry, must continue to invest in people, in innovation and tech... This was not a defining Statement for the Chancellor, but that doesn’t stop it being one for the sector.”
Nick Jones, mortgage sales and marketing director at Access Financial Services, wanted to hear more about skills: “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.”
Richard Sexton concluded on a similar note: “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.”
