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Positive Vibes From Spring Statement

06.04.22

The Spring Statement was never likely to contain any major surprises as far as the property sector was concerned; at least not directly. But action was needed and, positively, it was taken to ease pressure on people's finances in the short-term. In turn, this will help ensure the property market faces no nasty shockwaves.

Rising inflation and interest rates are affecting both homeowners and homebuyers, impeding the amount they can borrow and save. So, it was positive to see the Chancellor cut fuel duty and financial support to households across the UK. The tax breaks for those making green improvements to their homes is also a welcome decision, encouraging the right type of property renovation.

Looking to the property market, with demand still outweighing supply so significantly, it’s likely that house prices will continue to rise as they have been. But for lenders, now is the time to act. We cannot leave it to the Chancellor alone to offer support to those hoping to get on or move up the property ladder. Rather, lenders' focus must be on supporting existing and prospective clients as best they can.

Flexibility will be key; being too rigid in how and when you lend, risks alienating certain buyers in the current climate, so lenders ought to consider how they can best meet each borrower's particular needs and provide support to help them navigate the economic challenges they are facing.

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