However, in last week's pre-Budget report there was finally some movement. It was announced that reform will finally come into force on 6 April 2005 - known as "A" day - when the complex pensions system will be simplified.There was one big surprise in Gordon Brown's comments: residential property holdings will be allowed to be included in pension funds. One of the Government's biggest challenges is persuading us to save more for retirement. Although increased funding for the NHS and schools is important, many people are worried about their futures - and whether they are going to be able to cope financially. The delay in meaningful pensions reform is only making matters worse, as more people put off starting a pension until the Government announces its plans. Ms Barker's recommendation that they introduce more innovative forms of construction may also affect profits.. Ms Barker's final recommendations will be released in March.Potential winners: First-time buyers will benefit, as an increase in the number of houses built should keep a lid on prices and reduce volatility.Potential losers: Developers and housebuilders may suffer, as increased supply means they won't benefit from artificially inflated prices.

In the past 10 years, 12.5 per cent fewer properties have been built compared with the previous decade, resulting in young first-time buyers being priced out of the market.Land supply is identified as the cause of the problem, with the current planning system viewed as too slow, leading to intense competition among housebuilders. The Barker Review The record low level of housebuilding is the subject of a preliminary report from economist Kate Barker. Solicitors must now provide a detailed account of what's included in the sale to ensure that buyers don't bump up the value of fixtures and fittings - as a way of claiming that the purchase price of the property itself is lower - in order to pay less stamp duty. This would result in a bill of £2,500, rather than the current £8,100.¿ The introduction of Land Transaction Returns at the start of this month will also affect the cost of a house purchase and how long it takes. The Chancellor ignored calls to introduce a fairer banding system which could have meant that someone buying a £270,000 property would pay no duty on the first £60,000, 1 per cent on the next £190,000 and then 3 per cent on the last £20,000. No duty is payable on properties costing less than £60,000, as before.Potential losers: All homebuyers. While stamp duty hasn't increased, property prices continue to rise, pushing more of us into higher duty bands.

No rise in stamp duty means we won't have to pay more than the current 1 per cent on purchases between £60,000 and £250,000, 3 per cent from £250,001 to £500,000, and 4 per cent on anything above £500,000. But he did miss an opportunity to make the banding system fairer.Potential winners: All homebuyers. The UK mortgage market is the most competitive in the world, argues David Bitner, head of product operations at independent adviser The MarketPlace at Bradford & Bingley. It has hundreds of different home loans to suit all possible circumstances, and removing this choice, in favour of 25- or 30-year fixes, would stifle it. "As it stands, long-term fixed rates come at the price of higher payments as well as loss of mobility," warns Mr Bitner.

The pre-Budget report Fears that Mr Brown would raise stamp duty on house purchases were not realised in the forerunner to next spring's Budget. But Simon Tyler, at broker Chase de Vere Mortgage Management, counters: "Instead of suggesting that short-term discounts are banned, Professor Miles should have said that it should be compulsory for lenders to draw attention to them. People on standard variable rates have long been used by lenders to increase their profit margins, and that would help ensure everybody was at least aware of their options."Potential winners: The Government. If all homeowners took out long-term fixed-rate mortgages over 25 or 30 years, rather than short-term fixes and discounts, stability would be assured. This would make joining the single currency a more viable option.¿ Homeowners who don't shop around for competitive loans. If you stick with your lender's standard variable rate, you could be subsidising new borrowers. But if everyone is on a long-term fix, others won't get a good rate at your expense.¿ Anyone who values stability above all else.