"Many across the industry were hoping that the Chancellor might boost the future health of the housing market in last week’s Budget, just to ensure that any potential dip in market activity was offset early. Unfortunately, this didn’t materialise"
With Help to Buy no longer an option, a new buyer incentive was top of the wish list for those working within the sector in order to ensure demand remains robust over the year ahead.
A reform of stamp duty was also high on the list of what they believed should have been included, along with tax incentives for landlords, housebuilding support and the reintroduction of tax relief for married couples.
As a result, the sector was broadly unhappy about what it could mean for the market over the year ahead.
A new survey of UK estate agents, commissioned by GetAgent, found that 59% think that the property market should have been more of a focus in last week’s spring statement. 53% stated that they were worried that a lack of housing focus in the Budget could now cause a decline in buyer market activity and 51% believe that the cold shoulder shown by the government to the housing sector could also reduce the level of seller activity seen across the market.
However, just 46% expressed concerns that a potential decline in market activity could lead to a dip in house prices this year.
Mal McCallion, COO of GetAgent.co.uk, commented: “Although the market has cooled in recent months, 2023 has been less chilly than many predicted, with an air of optimism as buyers and sellers continue to transact and house prices have remained largely resolute.
"Of course, many across the industry were hoping that the Chancellor might boost the future health of the housing market in last week’s Budget, just to ensure that any potential dip in market activity was offset early.
"Unfortunately this didn’t materialise. However, viewed one way this can be considered good news - the government relies heavily on housing market performance as a barometer of wider economic success and they clearly feel that no help is currently needed.
"However, whilst the industry remains largely unhappy about Jeremy Hunt’s propertyless Budget, the majority feel that the market will stand strong and any significant decline in property values will be avoided.”
