HSBC survey reveals brokers' top priorities for government reform
Brokers are pressing the government to prioritise tax and stamp duty reforms in next month’s Autumn Statement, highlighting these measures as critical to supporting the mortgage and housing markets.
The latest Broker Barometer from HSBC UK reveals that many in the profession are seeking reductions in stamp duty, adjustments to tax bands, and policies that promote economic stability and assist first-time buyers.
Brokers also want renewed support for first-time buyers, such as help-to-buy schemes and stamp duty exemptions, as well as targeted investment in affordable housing. Calls for broader social and infrastructure spending, including on the NHS, were also noted.
Meanwhile, the Broker Barometer also indicated a decline in confidence in the UK economy among brokers, with 61% rating their outlook at ‘five’ or above on a 10-point scale, down from 78% in the previous quarter. Despite this, 67% still describe 2025 as a good year for the mortgage industry, with the Broker Happiness Index remaining steady at 69. Over 80% of brokers intend to remain in the industry long-term, and 65% expect their businesses to grow in the next year.
Recent lender stress-rate adjustments have led to increased lending, with 63% of brokers reporting higher activity since affordability assessments were eased. Many described these increases as significant.
Support for ‘Project 28’—which aims to reduce the time from sale agreed to exchange of contracts to 28 days—remains strong, with 89% of brokers viewing it as a step forward for the sector. The most important factors identified for speeding up transactions include upfront information and condition reports, early instruction of seller-side conveyancers, secure data sharing, and early commissioning of leasehold packs. Nearly 57% believe a one- to two-year timeframe is achievable for reaching the 28-day target.
Looking ahead, brokers remain committed to the sector’s long-term health, combining steady confidence with support for innovation and a willingness to adapt to change.
“The HSBC UK Broker Barometer provides invaluable insight into the challenges and opportunities facing mortgage brokers today,” said Chris Pearson (pictured right), head of intermediary mortgages at HSBC UK. “Our latest Barometer shows a profession that’s realistic about the current market, but content with how the year has gone so far and confident about the direction the industry is heading.
“Despite some economic uncertainty, brokers remain pragmatic and positive about the year ahead. Confidence in the market, coupled with the continued high levels of job satisfaction we’re seeing in the Broker Happiness Index, shows an industry that’s grounded but optimistic — and committed to supporting customers through changing conditions.”
Pearson, however, emphasised that brokers are also seeking reforms designed to drive sustainable growth in both the mortgage and housing sectors. “Brokers have sent a clear message to Rachel Reeves, the Chancellor of the Exchequer, in the Autumn Statement: measures that support affordability, stimulate housing supply and simplify taxation will make a real difference, but the priority must be reform of Stamp Duty,” he said.
“The feedback shows a profession that understands the wider economic context and wants to see long-term, sustainable growth in the housing market, not just short-term fixes.”
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