The Chancellor’s Spring Statement delivered “no surprises” for landlords, with industry figures welcoming fiscal stability that could ease pressure on mortgage costs even as broader geopolitical risks cloud the outlook.
Rachel Reeves used the statement to provide an economic update rather than announce major policy changes, with the Office for Budget Responsibility downgrading 2026 growth forecasts to 1.1% while upgrading projections for 2027 and 2028 to 1.6%.
Landlords’ refinancing pressure may ease
Adrian Moloney, group lending distribution director at OSB Group, said the Statement should be viewed as “a confidence moment” rather than a housing policy trigger.
“For landlords, the current challenges are well documented. Our latest Landlord Leaders research shows rising mortgage costs, compliance pressures and tenant affordability remain front of mind,” he said. “The Spring Statement is unlikely to change that overnight. But if it helps steady expectations around interest rates and borrowing costs, that could ease some refinancing pressure and support longer-term confidence in the sector.”
This follows Landlord Knowledge’s recent coverage of mortgage market conditions, with approvals hitting a two-year low as buyers and investors hold back amid affordability pressures.
No surprises is good news
Ben Thompson, Director of Home Moving Strategy at Mortgage Advice Bureau, said: “In the current climate, ‘no surprises’ is actually good news. We weren’t expecting fireworks from the Spring Statement, and in many ways that’s reassuring. Right now, the housing market doesn’t need dramatic announcements or last-minute policy changes – it needs stability.”
Rachel Geddes, Strategic Lender Relationship Director at Mortgage Advice Bureau, added: “When the Government avoids sudden policy shifts, it helps keep the financial markets stable and consistent. That creates a more confident environment for lenders, giving them greater certainty about where things are heading and making it easier to price mortgages competitively.”
Geopolitical risks loom
However, market analysts warned the forecasts may already be outdated. Susannah Streeter, Chief Investment Strategist at Wealth Club, noted: “The forecasts don’t take into account the rapidly developing situation in the Middle East. So even though Rachel Reeves championed forecasts of a further fall in inflation, there’s a clear and present danger of the price spiral taking off again.”
UK 10-year gilt yields continued hovering around 4.4% during the statement, with the FTSE 100 remaining approximately 2.6% lower amid global uncertainty.
What this means for landlords
- Refinancing outlook: If market stability holds, borrowing costs should ease gradually through 2026 – good news for landlords approaching remortgage dates.
- No new taxes: The Statement contained no additional property tax changes, giving landlords breathing room after the Autumn Budget’s NI increases.
- Compliance costs remain: With no new support announced, landlords still face RRA implementation costs and EPC upgrade requirements from existing policy.
- Watch energy prices: Middle East tensions could push inflation higher, delaying expected rate cuts and keeping mortgage costs elevated.
- Bottom line: Stability is positive, but external risks mean landlords should stress-test portfolios against scenarios where rates stay higher for longer.
Editor’s view
A quiet Spring Statement is what landlords needed after the Autumn Budget’s shock NI changes. The absence of new taxes provides welcome certainty, but the real test comes in the months ahead. If geopolitical tensions keep inflation elevated and delay rate cuts, the refinancing pressure Moloney references will persist. Landlords would be wise to lock in rates where possible rather than betting on rapid falls.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 3 March 2026
Sources: Office for Budget Responsibility, OSB Group, Mortgage Advice Bureau, Wealth Club
Related reading: Mortgage approvals hit two-year low as buyers hold back
