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I think I speak for most people working in the mortgage market, when I say that leaving it alone would be the best thing any government could do.
Unfortunately, that’s never going to happen because it can be such a driver of economic activity, and the market right now is moving, albeit slowly, as a game of cat and mouse takes place.
First time buyers need to be proactive
I am encouraging first time buyers to be proactive right now as they still get stamp duty breaks at purchase prices of £300k and below. I would describe the property market as a buyers’ market.
What we know from experience is if there are further incentives on Stamp Duty announced at the Budget, that will push prices up.
Slowdown at the top?
Kemi Badenoch’s pledge to abolish Stamp Duty on residential properties made headlines in the party conference season. There’s talk of a new annual levy to replace Stamp Duty, which would be welcomed for those looking to buy at the top end of the market where Stamp Duty bills can quickly run into six figures.
I’ve seen a slight slowdown in activity at the top of the market, as buyers and sellers wait to see how Labour plays this. We’re a long way from the next election as it stands, but were Reform to take on the same policy, that would increase pressure on the government to commit one way or the other and help get people moving again. With such large amounts potentially at stake, clients are prepared to wait it out for a few more weeks before making an offer.
I’ve also started to see the impact of firms pushing through more return to the office policies on rural properties, post-Covid. Knight Frank released some data recently showing the price reductions seen in areas that were very popular post-pandemic:
