Autumn Budget: expert reaction as November date confirmed

As the property market faces stalled momentum and mounting economic uncertainty, attention is turning to the Autumn Budget and its potential impact on buyers and sellers. Industry expert Nigel Bishop, of buying agency Recoco Property Search, shares his reaction and insight.

“The UK property sector is ending the year under a cloud of doubt. With the government pushing back the Autumn Budget and inflation still running above target, confidence among both buyers and sellers is faltering. The result is a market caught in limbo, where economic pressures and political indecision are keeping many on the sidelines.

The Autumn Budget is taking place a month later than expected, which only adds to the already existing uncertainty felt by buyers and sellers. The property market has been subjected to an abundance of new regulations and tax threats this year, which has achieved the exact opposite of what the government has promised.

With the current administration also failing to achieve the 2% inflation target—currently standing at 3.8%—some house hunters just don’t feel that the economy is stable enough to make major financial decisions. At the same time, sellers are struggling to achieve their asking prices.

Although any reform to current property taxes remains pure speculation, it is enough to bring the market close to a standstill. The only buyers moving forward with purchases are those whose personal circumstances require them to act sooner rather than later.

These buyers typically have budgets exceeding £1m, and they are managing to secure properties within their price range, as more homes are now available for sale. For everyone else, however, hesitation continues to define the market.”