Phoebus responds to Spring Statement

26 March 2025

Richard Pike, chief of sales and marketing at Phoebus Software, says:

"The Spring Statement was a chance for the government to take meaningful action on the UK’s housing challenges, but it fell short. With housebuilding targets under pressure and affordability concerns growing, we needed bold, practical measures – not just rhetoric.

“The 2025 UK economic growth forecast has been halved to just 1%, which will inevitably impact business confidence. In an uncertain economic climate, clear policy direction is needed to support investment in housing and ensure developers, lenders, and buyers have the confidence to move forward.

“Despite Labour’s commitment to boosting housebuilding, the real test lies in delivery. While the OBR forecasts housebuilding will reach its highest level in over 40 years by 2029/30 as a result of planning reforms, it will still fall short of the 1.5 million homes target, but if 1.3 million homes are built, that would still be an excellent result.

“The government must do more to unlock existing supply, particularly in affordable and later-life housing. Greater support for SME developers and a move towards reassessment of stamp duty could have helped create a more dynamic and accessible market at a time when economic uncertainty risks slowing progress further.

“For lenders and intermediaries, making property transactions smoother and more efficient should be a priority. But with no clear commitment to improving digital infrastructure or fostering innovation in mortgage technology, the barriers that slow down home purchases remain firmly in place. Hopefully the excellent work we and others are involved in with OPDA will help in this area.

“This was a missed opportunity to put forward real solutions to the housing crisis. The industry needs more than warm words—it needs decisive action.”