Adviser network executive shares insights on the sector’s most pressing needs ahead of the Budget
As Chancellor Rachel Reeves prepares to deliver her Autumn Statement next week, she will be keen to highlight any progress made on housing policy—an area under intense scrutiny from both the public and the property sector. For industry veteran Ben Thompson, since the current government took office, it has made small yet meaningful strides towards a more accessible housing market.
Thompson (pictured top), deputy chief executive of adviser network Mortgage Advice Bureau, noted that an “important yet largely uncredited move” was Labour’s call for regulators to adopt a more pro-growth approach, including the easing of restrictive lending conditions. The shift has prompted lenders to enhance affordability and borrowing power, opening the door to homeownership for more first-time buyers and providing a potential boost to the wider economy.
However, Thompson identified a major hurdle: lack of awareness among prospective buyers, particularly renters, who are often unaware that recent policy changes may allow them to purchase a home sooner than expected. “The immediate challenge is educating this cohort about the options available to them, which also benefits those looking to move up the property ladder,” he said. “That’s how important and helpful these policy changes have been for a good number of people, although we must accept that it still won’t be enough for some.”
With Reeves expected to have limited new spending for the upcoming Budget, Thompson suggested that further lending deregulation should remain a focus, provided lending remains responsible.
He also highlighted the potential benefits of reinstating a form of mortgage interest tax relief, similar to the pre-2000s MIRAS scheme, to stimulate demand and support the government’s 1.5 million new homes target. “Introducing a modern version of this relief would be integral to stimulating demand and contributing to the 1.5 million new homes target,” Thompson claimed. “This could also form part of a nationwide, government-driven campaign to reassure the public that now is the right time to buy.”
Thompson also pointed to stamp duty as a barrier to market mobility, arguing that reforming Stamp Duty Land Tax (SDLT) legislation—particularly by raising the tax-free threshold—could encourage more transactions and support economic growth. He believes that the current tax regime inhibits both buying and moving, and that a more fluid housing market would be fairer for society and beneficial for the economy.
Addressing the supply bottleneck, Thompson called for a joined-up plan to support housebuilders, noting that it currently takes an average of seven months to begin construction after planning permission is granted. He emphasises the need for government contribution towards the new homes target and for continued support to increase first-time buyers’ borrowing capacity.
Recent data from Mortgage Advice Bureau shows that first-time buyer activity peaked in 2022, with the average age of first-time buyers rising from 28.31 in 2020 to 31.29 in 2025. Despite this, the easing of lending regulations has led to a 4.04% decrease in the average deposit required and a 1.43% drop in average monthly repayments, while borrowing power has increased by 3.37% over the same period.
While major reforms may be unlikely in the upcoming budget, Thompson believes that the ongoing relaxation of lending regulations is already having a positive effect. He concludes that the priority now is to raise awareness among prospective buyers about these changes, a task that is achievable and cost-effective for the industry.
“While major reforms like tax relief and reductions in SDLT are desirable, we must consider the reality that noteworthy announcements in the Budget may be limited,” Thompson said. “If there are no big announcements, this should be viewed positively: the relaxation of lending regulations is already starting to have an effect.
“The key now lies in making more prospective buyers aware of these industry changes that are actively improving conditions. Thankfully, this is completely within our own collective gift and control, and costs very little to do.”
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