Agents expect Chancellor to ignore property market

Estate agents have low expectations that next week’s Budget will provide much help for the property market.

Chancellor John Healey is set to deliver his first Budget at a time when the housing industry is suffering from the effects of economic uncertainty and subdued demand.

But research by GetAgent suggests 84% of agents are sceptical about whether the Chancellor will offer any measures to stimulate sales.

The survey was a carried out before the Government unveiled Your First Home, its new scheme for first-time buyers.

GetAgent believes, however, that agents will regard the new help for first-time buyers as not enough on its own.

Agents clearly believe more needs to be done to stimulate the wider market.”

Colby Short, Co-founder and Chief Executive of GetAgent (pictured), says: “The announcement of further support for first-time buyers is certainly notable and, based on what agents told us before the news broke, the Government has identified the area of the market where support is most needed.

“However, agents clearly believe more needs to be done to stimulate the wider market, particularly after a year that has performed below expectations for many.

“So, there will be hope that first-time buyer support isn’t the only meaningful hand offered to the property market this time around.”

Watching closely

He adds: “The industry will now be watching closely to see whether the Autumn Budget delivers a broader commitment to improving market health, or whether it ultimately proves to be the anti-climax that so many agents expect.”

The research shows that more than half of agents – 56% – believe the property market has performed more weakly than they expected this year.

A further 37% believe performance has been in line with expectations, while just 7% believe the market has performed more strongly than anticipated.