Estate agents worried about implications of ‘propertyless budget’

A majority of estate agents have expressed concerns over the implications of a ‘propertyless budget’, according to a survey conducted by estate agent comparison site GetAgent.

The poll found that 59% of estate agents believe that the property market should have been more of a focus in the recent spring statement, with the absence of direct focus on the housing market leading to worries about the sector’s future over the coming year.

With the Help to Buy scheme no longer an option, estate agents were hoping for a new buyer incentive to ensure that demand remains strong. They also called for a reform of stamp duty, tax incentives for landlords, housebuilding support, and the reintroduction of tax relief for married couples.

The lack of housing focus in the budget has led to concerns about a potential decline in buyer market activity, with 53% of estate agents stating that they are worried about this. Additionally, 51% believe that the government’s cold shoulder towards the housing sector could reduce the level of seller activity seen across the market.

However, only 46% of estate agents expressed concerns that a potential decline in market activity could lead to a dip in house prices this year. Despite this, the survey highlighted the need for greater support for the housing market in future budgets in order to avoid negative implications for the sector, said GetAgent.

Mal McCallion, the company’s COO, said: “Although the market has cooled in recent months, 2023 has been less chilly than many predicted, with an air of optimism as buyers and sellers continue to transact and house prices have remained largely resolute.

“Of course, many across the industry were hoping that the chancellor might boost the future health of the housing market in last week’s budget, just to ensure that any potential dip in market activity was offset early.

“However, whilst the industry remains largely unhappy about Jeremy Hunt’s propertyless budget, the majority feel that the market will stand strong and any significant decline in property values will be avoided.”


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