As speculation surrounding potential property tax changes intensifies ahead of the Autumn Budget, new research from Rightmove reveals that nearly one in five potential home movers have paused their plans due to uncertainty. The study, which surveyed over 10,000 people, shows widespread concern, particularly among those aged 55 and over and homeowners in higher-value regions like the South East and South West. While most buyers and sellers are continuing with their plans, the rumoured tax changes, such as overhauling stamp duty and introducing a mansion tax, are creating hesitation in the market.
In response to this uncertainty, Mary-Lou Press, President of NAEA Propertymark, highlights the fragile confidence in the market and urges consumers to seek early advice and stay informed to navigate the current climate.
Mary-Lou Press, President of NAEA Propertymark (National Association of Estate Agents), comments:
“When rumours about potential tax changes in the upcoming Budget lead almost one in five movers to pause their plans, it’s a clear sign that confidence is fragile.
For many households, moving home is one of the biggest financial decisions they will ever make, and unexpected costs, real or anticipated, naturally weigh heavily. What we’re seeing is people taking a ‘wait and see’ approach, particularly in regard to older homeowners and those in higher-value regions, where the impact of any change could be greater.
While most movers are continuing as normal, a slowdown in activity from even a small proportion of buyers and sellers can reduce choice in the market and lengthen transaction times. This can create a ripple effect, especially for chains relying on downsizers or those selling homes at the upper end.
In the current climate, consumers benefit from taking advice early, understanding all their potential costs, and keeping in close contact with their agent. Market conditions remain varied across the country, and well-priced, well-presented homes are still attracting interest. For those ready to move, there continue to be good opportunities, but this report highlights why clear information and timely guidance are more important than ever.”
