Acadata suggests that market analysis should now pivot towards reactions to the Budget and the impending General Election.
E.surv director Richard Sexton says: “Our data underlines why the Chancellor was probably reluctant to stoke the market any further in the recent Budget. Few in the property industry were calling for more short-term shots in the arm from the Treasury.
“However, the Budget was another missed opportunity to address some systemic long-term issues about helping people get on the housing ladder in the first place.
“As a result, the big issues of supply and affordability remain unaddressed and will likely become very live election issues.”
In the lead-up to an election, it’s common to see a boost in sentiment in the housing market. The government is keenly attuned to the politics surrounding home ownership, particularly recognising the significance of first-time buyers, especially in younger age brackets where homeownership rates have seen significant declines.
There’s been considerable media attention on potential schemes, such as the possibility of 99% mortgages, but none of these were confirmed in the March 6th Budget. Similarly, there were no new announcements regarding Stamp Duty cuts.
As of now, investors will have to wait for manifesto commitments to gain clarity on future policies in this area.
For more insights into the property market, check out our recent UK buy-to-let area guides:
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