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July 19, 2024
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Property market unlikely to see boost following Budget disappointment, says GetAgent – The Intermediary

Most of the UK property industry believes that last week’s Spring Budget missed the mark when it comes to boosting current market conditions, the latest industry insight from GetAgent.co.uk has found.

In its survey of 833 property professionals, the majority were disappointed, with 27% describing the Budget as ‘inadequate’ and a further 54% stating it was ‘underwhelming’. 

The industry was expecting a significant announcement on 99% mortgages, but this was scrapped just days before, a decision that 56% of those surveyed agreed with. 

There were hopes of another Stamp Duty reduction – 71% of those surveyed by GetAgent said that this should have been included by the Government. 

67% also stated they would have liked to see some other form of buyer incentive introduced, with 64% stating they would have liked to have seen more focus on housing supply. 

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

In terms of the reduction to Capital Gains Tax (CGT), just 35% said the change will incentivise more landlords to invest in the buy-to-let sector, with 42% stating it will encourage more landlords to actually sell up and exit. 

Colby Short, co-founder and CEO of GetAgent.co.uk, 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 stimuli 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.”

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