As the UK property market braces for potential changes in the upcoming Autumn Budget, uncertainty is already taking a tangible toll—long before any formal policy announcements have been made. Simon Gerrard, Chairman at Martyn Gerrard Estate Agents, is already seeing real-time damage in the London market just from the mere speculation of new property taxes.
Simon has found that talk of these looming taxes ahead of the Autumn budget has caused almost 20% of their agreed sales in August to fall through, with buyers pulling out just a week or two later – a clear indication that the policies being touted would be severely damaging and show a total lack of understanding of the UK’s housing market.
Simon Gerrard, Chairman, Martyn Gerrard Estate Agents said: “The panic, confusion and uncertainty sparked by these potential new taxes have caused almost 20% of our agreed sales in August to see the buyers withdraw only a week or two later. The shadow of the Budget now looms and this constant chatter will put a hold on the property market during September and October, detrimentally affecting the overall economy whilst we are in this limbo.”
With simple speculation already freezing deals and undermining confidence, Simon argues the so-called “mansion tax” is effectively a London tax that will disproportionately hit ordinary families, not the genuinely wealthy.
