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Spring Budget 2024 date announced - What do brokers want to see happen?

Journalist: Ryan Fowler, The Intermediary

ended 28. December 2023

The Chancellor has confirmed that the Spring Budget will take place on 6th March 2024. 

What would you like to see included to help the mortgages and wider housing sectors?

7 responses from the Newspage community

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Rohit Kohli
Director at The Mortgage Stop
Anyone expecting a series of announcements that will benefit the long-term future of the country as a whole is very mistaken. This statement will contain nothing but giveaways designed to try to buy votes back ahead of the next election. These statements should be an opportunity for the government to lay out how it plans to drive growth and investment into the country instead it's going to be full of tax giveaways such as changes to inheritance tax which impacts the smallest number of people who can afford to pay it anyway. We need incentives to encourage green development opportunities in rural areas for a rapid expansion of affordable homes to help sustain these communities for the long term. This needs to be backed by investment in infrastructure such as better transport links and enhanced digital communication as well as incentives for local businesses to invest in their areas creating jobs and opportunities that will stop our rural areas from becoming ghost towns.
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Stephen Perkins
Managing Director at Yellow Brick Mortgages
Brokers, like everyone want to see some growth in the economy and a reduction in inflation. Sadly the Bank of England has been using the wrong method of controlling the latter, which has pushed the economy to the brink of recession. Many businesses are struggling with business rates, higher corporation tax and growing wage costs with the high streets becoming ghost towns. So the Spring budget needs to see some tax relief or good news for businesses to help grow the economy and consumer confidence. Sadly, I believe we will only see some word-only pre-election wish-list promises that the government won't be around to actually bring to fruition.
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Ken James
Director at Contractor Mortgage Services
It's a go-hard or go-home spring budget, in my opinion, The Autumn announcement did nothing to whet your appetite for positive news. If the Tories are serious about being reelected then they need to throw down the Gauntlet and prove that they are worth it. Inflation needs to continue to be brought under control, we need some stability in the mortgage Market. We can do without quick fixes to the mortgage market like stamp duty incentives, or even Help to buy schemes, these just cover the cracks. I want to see an improving economy and stronger Pound and a government that seems to making decisions that benefit the People they are elected to serve rather than serving themselves.
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Simon Bridgland
Director at Charwin Private Clients
When the Crown jewels of social housing stock were sold off by local authorities it made those who could afford to buy them happy for sure, but at what cost? Unless a vast housng plan comes to fruition, which it clearly won't, then the problem will simply be kicked along for the next party that win the election next year. It needs a plan the size of which has not been seen since the post war rebuild. The difference being that the housing needs to be sympathetic to the area and affordable family housing, not just first time buyer starter homes or flats.
Placing a Band-Aid of Help to Buy can seem like an opportunity for some, but not the masses, which it needs to help. So many 2nd time buyers need urgent help which will then free up the small housing stock for the first time buyer market.
Perhaps an incentive for older generations to sell large family homes at a reduced % into more manageable property, freeing up wealth to pass on tax free or at a % discount on the aberrant IHT.

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Scott Taylor-Barr
Principal Adviser at Barnsdale Financial Management
Build more houses. It's a very simple but impactful plan. We have nowhere near enough houses for our growing population, having failed to hit almost every target for new homes each year. However, these homes need to be built for what and where the population actually needs, not simply of the type and location the major national house builders want them to make the most profit. This could mean that the government needs to launch a major social housing build program, or it could be joint ventures with builders, to ensure we don't end up with just more 4- and 5-bed "executive homes" built in the most affluent areas of the country. It would also be good to see the government help people with deposits, which is the major hurdle for most people, be that with a more generous version of the lifetime/help-to-buy ISA, or even something more bold; such as allowing people to withdraw their first house deposit from their pension pot.
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Graham Cox
Director at Bridging Hub
Two things the Chancellor should do, but almost certainly won't. First, re-include property values in the 2 percent inflation target, so that monetary policy is used to control house prices. Until we do that we've no hope of growing the economy in a sustainable way.. Second, end right to buy and give local authorities the means and incentive to build high quality, energy efficient social housing at vast scale.
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Matthew Jackson
Director at Mint FS
The government's go-to response to a stagnant housing market has been to tinker with stamp duty - that is the one thing I just don't think would add any value. The exemption for first time buyers is sufficient to stimulate the bottom of the housing market.

More focus is needed on home movers, and any revision of help to buy should not just be for first-time buyers, there needs to be real assistance for Landlords who are being hit on all sides by high rates, stress testing and rising lender fees.

Disposals of rental properties are on the rise and this needs to be reversed or there will be a further push in rental prices and this could put pressure on the faltering economy.

The last point is key - the government need to stop talking about building more affordable housing and do it - remove obstacles, cut red tape and just get it done.