Tony Hall, Head of Business Development at Saffron for Intermediaries, has made a call on Chancellor Rachel Reeves to help the housing market this week.

Reeves makes her Spring Statement in the Commons on Wednesday and early reports suggest that it’s unlikely to include any major housing announcements.

Hall is unhappy about this and says: “While we understand the economic pressures the government faces, we urge Rachel Reeves to look beyond immediate challenges and focus on long-term solutions. At Saffron, we see three key areas for action:

“1. Extend stamp duty concessions There’s a significant bottleneck of deals as the stamp duty deadline approaches in early April. We’re hearing from brokers that transactions started as early as January may not complete in time. We urge the government to extend the deadline to support the estimated 75,000 homebuyers at risk of missing out and facing higher tax bills.

“2. Boost homebuyer affordability Following the FCA’s reminder about lender flexibility, we’d like to see the government increase the LTI limit – or scrap the cap altogether, allowing lenders to set their own boundaries, so long as they can demonstrate they are lending responsibly. Additionally, greater recognition of rental payment history as evidence of affordability would help more buyers get on the ladder.

“3. Expand housing stock. A key barrier for homebuyers is actually rooted in the very start of the process: property development. Developers face a number of significant challenges from inconsistent planning rules to labour shortages. One change that could make a lot of difference would be standardising planning processes across local councils to remove inconsistency between boundaries. Meanwhile, putting schemes in place to encourage more young people into trades would strengthen the workforce and support the delivery of the government’s 1.5 million homes target.

“While we appreciate the economic backdrop, a lack of meaningful housing policy could further dent market confidence – a risky move given the property sector’s crucial role in driving economic growth.”