Just Mortgages comments on Autumn Statement

23 November 2023

Just Mortgages is one of the largest mortgage brokers in the UK, with more than 650 advisers working across both employed and self-employed divisions. It is part of Spicerhaart, the UK’s largest independent estate agency and property services group.

John Phillips, CEO of Spicerhaart and Just Mortgages said: “Despite the industry’s long wish list of announcements, it’s safe to say many will feel disappointed by the lack of support for the housing market. After all, this is a key driver in the success of the wider economy. While a two per cent tax cut to the employee national insurance rate may keep more money in people’s pockets and improve income ratios for new mortgages, it doesn’t quite go far enough to address the clear affordability challenges facing homeowners.

“With an election on the horizon and homeownership still a clear aspiration for many, it would have been great to see more support in this area, particularly through a government-backed low deposit scheme or for the likes of Shared Ownership. News of planning reform and measures to increase the number of houses are welcome, although we are still some way off solving the chronic challenge of undersupply.

“Those self-employed brokers will be pleased to see they too feature in the chancellor’s tax cuts, as well as businesses. It’s less good news though for landlords who would have hoped for similar relief, especially as many weigh up their options, skim down their portfolios or sell up entirely. Changes to the local housing allowance will help reduce some of the burden of high rents for the most vulnerable. However, we mustn’t forget the prospect of landlords disposing of rental properties, which has major implications on rental prices. This significantly reduces the opportunity for many renters to realise their ambition and join the property ladder themselves.”