Rob Clifford, Chief Executive of Stonebridge, comments on this afternoon’s Spring Statement

26 March 2025

Rob Clifford, Chief Executive of Stonebridge, comments on this afternoon’s Spring Statement:

"While the Spring Statement was a damp squib for the mortgage market, it was encouraging to hear that the OBR believes the government's recent planning reforms will boost housebuilding by 170,000 homes by 2029/30.

"Successive governments have tried and failed to tackle the planning system, so it’s encouraging to see meaningful reforms finally making a difference.

"It’s important to note that the OBR’s forecast is based solely on changes to the National Planning Policy Framework, which restores housebuilding targets and requires councils to release low-quality ‘grey belt’ land for development. Crucially, it does not yet account for the impact of the Planning and Infrastructure Bill, which is still making its way through Parliament.

"This is a great step forward, but we need to go much further. The UK has consistently fallen short of building enough homes, and we need to be delivering well in excess of 300,000 per year to start making up for past failures. If the government can achieve that, it will help unlock the dream of homeownership for a generation of would-be buyers. If it falls short, housing will only become more unaffordable, pushing homeownership further out of reach for young people. The stakes couldn’t be higher."