Nathan Emerson, CEO of Propertymark, comments on the UK's Spring Statement.
Today's Spring Statement underscores the ongoing pressures in the UK housing market, particularly around affordability for renters and first-time buyers. While it does not introduce major new housing policies, the focus on supporting economic stability and the commitment to implement planning reforms by the end of the year are welcome steps.
However, while a commitment to stability is positive, the UK Government needs more ambitious investment to ensure that the UK's housing needs are met. Latest figures from the Office for National Statistics show that just over 100,000 homes were completed between January and September 2025, an 11% decrease from the same period in 2024.
Mortgage approvals remain below pre-pandemic levels, and house prices continue to rise modestly, leaving many prospective buyers struggling to enter the market. Stamp Duty remains a significant barrier to mobility. Past Stamp Duty holidays have shown that relief can stimulate transactions and speed up sales, yet current thresholds do not reflect regional price differences, meaning some first-time buyers still face substantial upfront costs.
Pressures in the rental market are equally acute, with high demand and limited supply having placed upward pressure on rents. Supporting investment in new rental housing is essential to meet demand, improve affordability, and provide tenants with secure, reasonably priced homes. Initiatives that encourage development across all tenures will help balance supply and demand, easing cost pressures for renters while also enabling first-time buyers to step onto the property ladder.
As the Autumn Budget approaches, the UK Government has the opportunity to implement policies that make a real difference. Revising Stamp Duty thresholds and supporting investment in the private rented sector would improve market efficiency, increase housing supply, and address affordability challenges for both renters and buyers.
Propertymark will continue to work with policymakers to ensure reforms are practical and effective. With pronounced seasonal and regional variations in the housing market, a balanced, supply-led approach is essential to deliver sustainable relief for households across the UK.
