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UK Buyer Activity Levels Predicted to See Post-Budget Boost in October

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    GetAgent: Property Market Activity on the Rise

    New data from GetAgent suggests that while UK property market activity has increased in recent months, it could see a further boost in October after budget announcements.

    The number of buyers entering the market has historically increased following the last nine statements.

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      How Budget Announcements Impact Market Buyer Activity

      GetAgent analysed the number of approvals seen over the last two months and after the previous 10 Budget announcements since March 2020 to understand how an impending Budget affects buyer activity across the property market.

      Reportedly, following the Summer Statement in 2020, when the stamp duty holiday was announced to help boost the market during the pandemic, the number of mortgage approvals in the following two months increased by 259% compared to the previous two months.

      Following the controversial September 2022 Mini Budget, GetAgent says mortgage approval levels fell by 22.1% in the two months that followed compared to the two months before it.

      Considering the data from all the previous 10 Budgets, GetAgent’s figures show that the number of buyers entering the market increases by 10.6% on average following a major Budget announcement.

      However, ignoring the pandemic market boom and the September Mini Budget, these figures suggest that the average boost to mortgage approval levels following a Budget sits at 2.9%.

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      Recent Budgets Show Uplift in Buyer Activity

      Fortunately, GetAgent says that mortgage approval figures have increased following the last three Budgets: up by 19.6% after the March 2023 Budget, 16.4% following the 2023 Autumn Statement, and 4.6% after the 2024 Spring Budget earlier this year.

      Co-founder and CEO of GetAgent.co.uk, Colby Short, said: “The Budget can be an incredibly influential force when it comes to property market momentum, and there’s no clearer example of the impact it can have than the introduction of the stamp duty holiday and the shambolic Truss Mini Budget.

      “Generally speaking, they tend to spur a post-Budget uplift in buyer activity, and this has certainly been the case following the last three. It’s not always a case of positive property market initiatives driving this increase; it can simply be down to a wait-and-see mentality in the lead-up, which then gives way to a business-as-usual approach from buyers.”

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      Author

      Reece Pape

      Reece Pape is a property writer at RWinvest. Utilising up-to-date property statistics and data, Reece aims to keep investors informed on the latest market developments.

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