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%.