"Uncertainty about the potential contents of the chancellor's autumn budget is raising some concerns. Respondents continue to report that the market remains particularly price-sensitive."
"All eyes are now on the autumn budget in anticipation of any further tax initiatives aimed at high-net-worth individuals. Buyer caution persists despite the potential for domestic demand to benefit from further interest rate cuts and easing mortgage costs."
In July, the UK housing market exhibited a slowdown, driven by worries over autumn budget tax increases and interest rate cut uncertainty. The RICS index of buyer inquiries declined to -6%, with agreed sales dropping to -16%. A lack of anticipated recovery in market activity over the next year was reported, with buyers delaying decisions. The rental market also faced a decline in new instructions, resulting in expected rent increases. The Bank of England's recent rate cut raised doubts about further reductions, contributing to buyer caution, notably among high-end buyers due to tax speculations.
Read at Business Matters
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