Members of our Editorial Board have given their reactions to Chancellor Rachel Reeves’ Spring statement.
William Nassau-Lake – partner and head of development & house building at Boyes-Turner, said: “The Spring Budget on 3 March 2026 maintained a deliberately steady approach, with no new housing schemes, no stamp duty changes and no major property tax reforms. This predictability continues to support more stable mortgage pricing, with rates at their lowest since 2022, helping buyers, movers and remortgagers navigate the market with greater confidence.
“However, despite this stability, the UK is facing a significant fall in new housing delivery. According to OBR‑linked projections, annual new home supply is expected to decline from around 260,000 homes per year in the early 2020s to approximately 215,000 by 2026–27, representing a 17% drop in the average number of new homes built each year.
“For the wider real estate sector, the government signalled continued emphasis on economic stability, supported by targeted growth incentives and measures aiming to bolster housing supply and infrastructure delivery—although these have not yet translated into reversing the current downward trend in build numbers.”
Jerry Muscroft, director of PJA, said: “Rachel Reeves’s 2026 Spring Statement reaffirmed its role as an interim update, with major policy decisions deferred to the Autumn Budget.
“As expected, the statement introduced no new measures to boost housing delivery or stimulate economic growth, instead reiterating previously announced positions.
“The absence of targeted support for the housing sector amid persistent skills shortages, affordability pressures, and rising energy‑related costs, signals continued challenges for project viability and delivery. The Office for Budget Responsibility reinforced this outlook, forecasting a decline in housing delivery to 220,000 units in 2026/27, before a gradual recovery toward 2030 driven by ongoing planning reforms.”
Dan Channer, group managing director of Haslams Estate Agents, said: “This was a content-free statement, overshadowed by events in the Middle East. Predictions of GDP growth may be important for central Government but they are irrelevant for buyers and sellers.
“Where is the residential property market in 2026? It is a solid market but without the post-Budget bounce we expected. Demand concentrates in the mid- and lower-markets, particularly for freehold three- and four-bedroom homes. Leasehold apartments are not sought after. Landlords are more nervous about the Renters Rights Act than they need to be.
“The picture is mixed: cheaper mortgages and more choice for buyers alongside lower economic confidence. The industry continues to make coherent arguments for decreasing or removing Stamp Duty yet it does not appear to be a priority for Westminster.”
Laura Ludlow, partner at Mills & Reeve, said: “The Spring Statement was something of a non-statement, particularly in the light of geopolitical turmoil. However, with a focus on stability, it did contain some encouraging messages for the Built Environment.
“The ongoing commitment to invest in infrastructure, affordable housing, education and healthcare estates, should see expanding opportunities particularly in development & regeneration, living sectors, data centres, industrial & logistics and energy‑linked infrastructure. Planned planning reforms remain important and clearer policy direction is helping investors re-engage.
“Overall, the Statement provides a constructive backdrop for growth, encouraging proactive asset management and supporting organisations positioning for resilient, future‑focused development. The key question is whether the forecasted increase in investment volumes and the growing market momentum will be sustained in the light of international events.”
Image: 05/07/2024. London, United Kingdom. Rachel Reeves, Chancellor of the Exchequer poses for a photograph following her appointment to Cabinet by Prime Minister Sir Keir Starmer in 10 Downing Street. Picture by Lauren Hurley / No 10 Downing Street
© Thames Tap (powered by ukpropertyforums.com).
This article and its contents are the intellectual property of UK Property Forums and may not be reproduced, distributed, or used in any form without prior written permission. The views expressed are those of the author(s) and do not constitute legal or professional advice.
