The Building Societies Association comments on the Chancellor’s Autumn Statement

Robin Fieth, Chief Executive of the Building Societies Association (BSA), comments on the Chancellor’s Autumn Statement (22 November 2023).

On housing and planning reforms:

“While we welcome the measure to support housing in the Autumn Statement, we need more than this and call for a long-term government plan and a firm commitment to resolve the housing supply conundrum, to support first-time buyers onto the property ladder and to ‘green’ our homes, both new-builds and existing properties.

“I would urge the Prime Minister to recognise the importance of strong and effective housing policy for the nation by promoting the Housing Minister to Secretary of State for Housing.

“Creating a cabinet position would help the Minister deliver on his priorities with the necessary support that is required from across Government departments.”

On the extension of the Mortgage Guarantee Scheme to June 2025:

“Supporting first time buyers onto the property ladder is a key requirement for an active housing market.

“The extension of the 95% mortgage guarantee scheme is therefore a welcome move by the Chancellor, and whilst the numbers are small, the scheme gives confidence to the market and ensures competition remains in the low deposit mortgage space.”

On simplifying ISAs:

“We welcome the initiative to simplify ISAs but are disappointed there were no changes announced to reduce the Lifetime ISA penalty or to raise LISA and Help to Buy ISA property price thresholds, which we have long been calling for.

“Another reform that would have helped savers would have been to raise the Personal Savings Allowance.”

Kindly shared by Building Societies Association (BSA)