Last week’s Spring Budget in the UK has left much of the property industry feeling unimpressed, according to the latest insights from GetAgent.co.uk. In a survey of 833 property professionals, the overwhelming sentiment was one of disappointment, with a majority describing the Budget as either ‘inadequate’ or ‘underwhelming’.
High hopes were dashed as the industry anticipated significant announcements, particularly regarding 99% mortgages, a proposal that was unexpectedly scrapped just days before the Budget. The decision was met with agreement from over half of those surveyed, indicating a widespread belief in the necessity of such measures for market stimulation.
Another notable absence was a further reduction in Stamp Duty, a move desired by a significant majority (71%) of respondents. Additionally, there was a call for other buyer incentives and a greater focus on increasing housing supply, sentiments echoed by 67% and 64% of professionals, respectively.
Moreover, there was a notable consensus (83%) that more should have been done to streamline and improve the homebuying and selling process, highlighting a broader concern within the industry beyond mere financial incentives.
Regarding the reduction in Capital Gains Tax (CGT), opinions were divided. While some believed it might incentivize more investment in the buy-to-let sector (35%), a significant portion (42%) foresaw it prompting landlords to sell up and exit the market altogether.
Colby Short, co-founder and CEO of GetAgent.co.uk, expressed disappointment in the lack of attention given to the property market in what could be the last budget for years to come. He noted that despite predictions, no significant stimuli were provided, leaving many in the industry disheartened.
Short also highlighted the typical stagnation experienced in the property market during election years, as buyers and sellers adopt a wait-and-see approach. With the property market seemingly relegated to an afterthought in this election cycle, Short expressed hope that it could weather the political uncertainty relatively unscathed.
In conclusion, the Spring Budget’s failure to address key concerns within the property industry has left professionals questioning the government’s commitment to supporting market growth. As the sector navigates through an uncertain political landscape, stakeholders remain hopeful for measures that truly prioritize and invigorate the property market in the future.