Five out of six brokers say the run-up to the 2025 Budget was “chaotic” according to new polling that highlights the scale of industry frustration over weeks of leaks, revisions and shifting expectations.
A survey by Black & White Bridging found that 84% of brokers described the pre-Budget period as “very messy”, citing the difficulty of advising clients amid speculation over property taxes and housing policy.
Only 11% disagreed, while 5% were unsure. The poll was conducted in the week leading up to the Budget on 26 November.
Industry figures say sentiment has been undermined by the constant churn of information surrounding the Chancellor’s plans.
SHIFTING EXPECTATIONS
Brokers reported fielding heightened client concerns throughout November as expectations shifted repeatedly over potential tax changes affecting the housing and lending markets.
Despite the short-term turbulence, Black & White Bridging’s earlier research suggests longer-term resilience in the sector, with 72% of brokers expecting growth in the bridging market over the remainder of 2025.
UNNECESSARY INSTABILITY
Damien Druce (main picture, inset), chief operating officer at Black & White Bridging, said the level of dissatisfaction pointed to a “near-consensus” in the industry.
He argued that the Budget build-up had created unnecessary instability and left advisers unable to offer clear guidance.
Druce described the process as “very messy”, adding that constant leaks had made it “impossible” for brokers to plan with confidence.
MISSED OPPORTUNITY
He also criticised the Chancellor’s decision-making, arguing that the Budget represented a missed opportunity to reform welfare spending and reduce pressure on taxation.
Druce warned that the decision to scrap the two-child benefit cap would add significantly to government spending and said Labour should have focused on reducing welfare costs to keep taxes down.
He added: “Reeves should have reduced welfare spending, saving billions, keeping taxes down and boosting growth. Sadly, that would have required vision, political will and leadership. All things that Ms. Reeves and this government do not appear to possess.”
