A recent survey of estate agents reveals significant doubt regarding the upcoming Budget's potential to offer substantial support for the housing market. Research by GetAgent found that 84% of agents are sceptical that Chancellor John Healey will introduce measures to stimulate property sales in next week's Budget.
These findings emerged before the Government announced its 'Your First Home' initiative, a new scheme aimed at first-time buyers. The survey also indicated that 56% of agents believe the property market has performed more weakly than anticipated this year, with 37% reporting performance in line with expectations and only 7% seeing stronger performance.
Colby Short, co-founder and chief executive of GetAgent, stated that while the Government has identified an area of need, he questioned if first-time buyer assistance alone would be sufficient. He added that agents believe more is required to stimulate the wider market, especially after a year that has fallen below expectations for many.
The property industry is now awaiting the Autumn Budget to see if it will deliver broader commitments to improve overall market health, or if it will align with the scepticism expressed by many agents.