However, the Chancellor did announce that SME apprenticeships for under-25s will be fully funded.

Industry professionals weighed in on the Chancellor’s Budget

Adam Bovingdon, managing director of property development at United Trust Bank: "After a long wait and an early glimpse from the OBR, the 2026 Autumn Budget Statement is now behind us. While it brought no major incentives for housebuilding, clarity is better than the uncertainty that has loomed over recent months.

“Hopes for a revised SME Help to Buy scheme and a stamp duty break for first-time buyers have faded, yet some form of stimulus would help to encourage the market and could be justified as an investment for growth.”

Terry Woodley, managing director of development finance at Shawbrook: “The road to 1.5 million new homes has been paved with good intentions, but there’s still a long way to go if the target is to be met within the next five years. The lack of announcements at the Budget was the elephant in the room, especially following the recent news from the Housing Secretary that developments near train stations will receive a default yes, and the Chancellor’s recent appointment of an infrastructure and planning adviser.

“Wider industry issues such as the training of additional planners, planning red tape, and a lack of support for first time buyers have all contributed to waning activity levels this year, leaving developers feeling apprehensive about what 2026 will bring.

"If the government wants to truly embody its ‘build, baby, build’ call to arms, then prioritising a similar scheme to Help to Buy and enhancing infrastructure capabilities will need to be top of the list.”

Melanie Leech, chief executive at the British Property Federation: “There wasn’t a single thing said in the Chancellor’s speech that wasn’t leaked in its chaotic build up. However, the lack of surprises doesn’t hide the disappointment that many in the development industry will feel after today.

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“Confirmation of the large property business rates surcharge will impact critical national infrastructure like logistics businesses and priority sectors identified in the government’s own Industrial Strategy. While it was always going to be a challenge for the Chancellor to both balance the books and support economic growth, it is disappointing that there was nothing introduced to alleviate acute development viability issues.”

Phil Hooper, CEO at Close Brothers Property Finance: “It’s extremely disappointing that the government has missed an opportunity to support the housebuilding industry through a new equity loan scheme.

“The downturn in the new homes sales market is the single biggest issue for SME housebuilders at the minute and it’s preventing them from being able to scale up their output. We’ve seen volume housebuilders take matters into their own hands by launching their own versions of equity loan schemes. Unfortunately, this isn’t an option for SMEs who don’t have that kind of financial firepower.

“SMEs have always been at a competitive disadvantage to the PLCs and the gap between them is only going to grow wider at this rate. Without targeted intervention, we risk losing the very businesses that are building the high-quality homes that the country desperately needs.”

Olivia Harris, chief executive at Dolphin Living: “The introduction of a ‘mansion tax’ on homes above £2m offers an opportunity to support affordable housing delivery across London, but only if local authorities have the ability to retain the revenue to spend on affordable housing delivery.

“As such, the government urgently needs to reconsider its position of directing this additional revenue back to the Treasury and ensure this tax on expensive housing is redirected towards delivering more affordable housing in locations where high value housing is prevalent and affordability challenges are greatest.”

Nick Sanderson, CEO at Audley Group: “Labour’s initial promises on planning reform were a positive first step, and we've continued to hear the Chancellor's promise to build, build, build. But more homes isn't enough. There must be more on the types of homes that will be prioritised. A forward-thinking government must consider the demographics and prioritise age-specific housing.

“The government had an opportunity to get the housing market functioning as intended. Instead, it has introduced counterproductive barriers which will lock up valuable housing stock, reduce transactions and put yet more pressure on the housing market.”