Spring Budget missed the mark, estate agents claim…

The Spring Budget missed the mark when it comes to boosting current market conditions, agents have claimed.

A survey of 833 UK property professionals, commissioned by agency comparison website GetAgent, found that the vast majority were disappointed by the lacklustre Spring Budget, with 27% describing it as inadequate and a further 54% stating it was underwhelming. 

The industry had been expecting a significant announcement on 99% mortgage, while 71% thought there would be a Stamp Duty reduction.

Two thirds also stated they would have liked to see some other form of buyer incentive introduced to help kick start the market, with 64% stating they would have liked to have seen more focus on housing supply. 

Furthermore, 83% think more should have been done to improve the homebuying and selling process. 

While there was a rabbit out of the hat in the form of a reduction to capital gains tax, just 35% think it will incentivise more landlords to invest in the buy-to-let sector, with 42% believing it will encourage more landlords to actually sell up and exit. 

So with a second consecutive Budget of property market disappointment, it’s no surprise that just 14% of those surveyed think that the property market will now see a boost in buyer and seller activity as a result of the property market initiative announced.

Just 12% think the housing market will now see a boost to house prices following the Spring Budget. 

Colby Short, chief executive of GetAgent, said: “During what is likely their last Budget for years to come, the Tory party may as well have ignored the property market altogether. Despite predictions, or maybe hopes, that there may have been stimulii for the property market, none were forthcoming.

“As shown in the survey, this is disappointing to many people. However, election years often result in stagnation in the property market whilst buyers and sellers wait to see who comes out on top. With the property market seemingly an afterthought in this election, and with no major housing policies to separate the parties, I would hope that the market can continue unaffected by this election year.”