Property market sees an upturn after the Autumn Budget

Property market sees an upturn after the Autumn Budget

0:03 AM, 15th November 2024, About 2 hours ago

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The UK’s property market has seen a significant uptick in activity following the Autumn Budget, with thousands of new homes hitting the market.

Estate agency Yopa reports an 11.4% increase in property listings in the two weeks after the Budget, with 84,000 more homes coming up for sale.

This brings the total number of properties on the market to 823,898.

Scotland experienced the largest regional increase at 12.7%, followed closely by the North East and London.

While Wales saw the smallest increase, it still recorded a 9.5% rise.

Among major cities, Glasgow led the way with a 13.4% surge in listings, followed by Nottingham, Edinburgh and Brighton.

‘Sense of uncertainty’

Yopa’s chief executive, Verona Frankish, said: “There’s always a sense of uncertainty in the run up to a major budget and so it’s hardly surprising that many home sellers may have been sitting on the fence to see just what Chancellor Rachel Reeves had up her sleeve for them.

“The answer was unfortunately not a great deal and now that the Autumn Budget is done and dusted, we’ve seen a significant increase in the number of sellers entering the market.”

She adds: “This is a smart move given the fact that there was no extension to current stamp duty relief thresholds granted and we’re now likely to see an uptick in demand over the coming weeks as homebuyers look to purchase ahead of next year’s 31st March deadline.”

Buyers rushed to finalise deals

Meanwhile, Chestertons is reporting a 71% increase in property sales in October compared to September, as buyers rushed to finalise deals before the Budget.

However, the number of homes listed for sale dropped by 24% as sellers adopted a wait-and-see approach.

The agency’s head of sales, Matt Thompson, said: “In the run-up to the Budget, house hunters were definitely concerned about potential changes to Stamp Duty and were therefore motivated to finalise their purchase ahead of the announcement.

“Many investors and buyers of second homes then had a mad scramble to get their purchase across the line before the end of the 30th, when the Chancellor announced that Stamp Duty rates would increase from 3% to 5%.”


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