Budget uncertainty forces home movers to pause plans, Rightmove finds

"Nearly one in five prospective home movers has put their plans on hold amid uncertainty over possible property tax changes in next week's Budget, according to new research from Rightmove. A survey of more than 10,000 people found widespread anxiety about potential changes to stamp duty, council tax and a possible new "mansion tax" on homes worth over £2 million - all measures Chancellor Rachel Reeves is reportedly considering."

"Rightmove said 61% of respondents were aware of rumours about upcoming tax changes, and nearly 80% of that group feared the impact that new levies could have on the housing market. Concern was particularly high among over-55s, with 81% expressing worries, reflecting their greater likelihood of purchasing higher-value homes that could be targeted by reforms. Regionally, homeowners and buyers in the South East and South West were the most anxious about potential new property taxes."

"Separate Rightmove research found the most popular idea for reforming stamp duty was to spread payments over time rather than demanding the full amount upfront. Other frequently suggested options included adjusting thresholds regionally and offering protections for older homeowners or downsizers. The concerns echo figures from the Office for National Statistics, which reported that house price growth slowed to 2.6% year-on-year in September, down from 3.1% in August, as buyers delayed decisions until after the Budget."

Nearly one in five prospective home movers has put plans on hold amid uncertainty over possible property tax changes ahead of next week's Budget. A survey of more than 10,000 people found 61% were aware of rumours about upcoming tax changes and nearly 80% of that group feared the impact on the housing market. Concern was highest among over-55s (81%) and particularly strong in the South East and South West. Popular reform ideas included spreading stamp duty payments over time, adjusting thresholds regionally and protections for older homeowners or downsizers. ONS data showed house price growth slowed to 2.6% year-on-year in September, with London down 1.8% to an average of £556,000 and a UK average of £272,000. Renters continue to be hit hard by rising costs.

Read at Business Matters