Just 4% backed the government's latest fiscal plan
More than three-quarters of mortgage brokers have voiced dissatisfaction with the government’s Spring Statement, according to a new survey by buy-to-let lender Landbay.
The lender’s poll, which focused on brokers writing buy-to-let business, found that 77% were unhappy with the measures outlined by Chancellor Rachel Reeves in the recent fiscal update. Just 4% said they approved, while 19% were undecided.
The results highlight growing concern in the mortgage industry, particularly among professionals working closely with landlords and investors, who feel the Spring Statement failed to address the sector’s challenges.
“The findings highlight a sense of frustration among mortgage professionals, with only a small minority of brokers expressing approval,” said Rob Stanton (pictured), sales and distribution director at Landbay. “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.
“The Spring Statement appears to have missed the mark for the vast majority of mortgage introducers, who are on the front lines supporting landlords and investors. 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.”
The negative sentiment among brokers echoes broader industry criticism following the Spring Statement.
“The Chancellor missed an opportunity to boost all-important transactions by extending the Stamp Duty concession or introducing some discount for downsizers,” said Mark Harris, chief executive of mortgage broker SPF Private Clients. “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.”
Jeremy Leaf, a north London estate agent and former RICS residential chairman, also pointed to missed opportunities to support the private sector.
“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,” he said. “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.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
