"Lack of support for buyers" - Just Mortgages comments on the Budget

30 October 2024

Following today’s Budget announcement, which saw the Chancellor set out her plans to address the ‘black hole’ in the UK public finances, we have a comment from national brokerage Just Mortgages.

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: “Today’s Budget was an opportunity for Labour to show that its plans for housing are far more than just increasing supply. Sadly this wasn’t the case, with a real lack of support for buyers and the wider housing market. While increasing supply is necessary, we also need tangible support right now to increase routes to homeownership and reduce affordability pressures, particular for first-time buyers.

“While not mentioned, it seems the Stamp Duty relief will still end in April, removing important financial support for buyers and downsizers, while creating another cliff-edge deadline for the industry to deal with. We will have to see if the almost instant increase in stamp duty on second homes does indeed increase transactions as the Chancellor hopes, or whether as some worry, it will impact rental supply further and send rents higher – adding further pressure to those trying to save for deposits.

“With the Budget now done, we have to hope that some of the waiting and seeing will now clear and we see buyers moving forward with plans. Plus, with the consensus being that we will still see another cut to the base rate this year, we will hopefully see some activity from both lenders and potential buyers. It’s a shame though that it is left to the industry once again to do the heavy lifting to support buyers and keep the housing market moving.”