Thanks Rachel! Budget prompts big rise in sales instructions

The fortnight following Rachel Reeves’ Autumn Budget saw a 11.4% increase in the number of homes being listed for sale, according to research carried out by hybrid agency Yopa.

Verona Frankish (pictured), Yopa’s CEO, says in total 84,000 new homes were listed, with numbers rising in every region of the UK. The biggest rise of all though was in Scotland, which saw a 12.7% uplift.

There were also significant rises in London(12.2%) and the Northeast (12.3%). The smallest rise was in Wales at 9.5%.

Top performing cities

Among the UK’s cities, Glasgow was top with a 13.4% increase. Next was Nottingham with a 13.3% rise. Edinburgh and Brighton also experienced considerable growth, with increases of 13.2% and 12.5%, respectively.

Whilst many people were putting their moves on hold while they waited to see what was in the budget, the higher-than-average numbers in the cities suggest people were behaving more cautiously in urban areas.

Budget jitters

According to Frankish, there’s often uncertainty leading up to a major budget announcement, especially one as significant as the first one for a Labour government in more than ten years.

Home sellers, she says, frequently wait to gauge the market’s reaction to government policies while the absence of an extension to the current Stamp Duty relief has prompted many sellers to seek potential buyers before the temporary rate reduction comes to an end on 31st March next year.