Industry confidence in the UK property market has fallen to its lowest level on record, according to the latest quarterly survey from the Council for Licensed Conveyancers (CLC), with 27% of conveyancers identifying stamp duty reform as their top priority ahead of the Autumn Budget.
The regulator’s sentiment tracker found that professional confidence in market stability has dropped to 26%, the lowest figure since the survey began last year. Confidence among buyers and sellers has also declined significantly, hovering between 12% and 15%, less than half the level recorded in January.
Budget priorities
Among the 110 conveyancers surveyed, 27% identified stamp duty reform or reduction as their primary Budget request, with some suggesting reliefs for downsizers to encourage the release of family homes into the market. This follows recent discussions around first-time buyer scheme adjustments ahead of the Budget.
Measures to improve mortgage affordability and access to finance ranked second at 23%, followed by greater fiscal and tax certainty for the property sector at 17%. Support for first-time buyers was cited by 15% of respondents, while planning reform to accelerate housing delivery was a priority for 8%. Just 4% called for measures to encourage institutional investment in housing.
Transaction timelines remain static
The survey revealed that the majority of successful transactions continue to take three to four months to complete, a figure that has not changed in recent quarters. Only 16% of respondents expressed confidence that the conveyancing process was improving rather than deteriorating.
Stephen Ward, Director of Strategy and External Relations at the CLC, acknowledged the challenging market conditions. “Current market conditions are undeniably challenging, and it remains to be seen whether the Chancellor will intervene,” he said. Ward added that the government’s planned reforms could “revitalise the market” but require industry-wide support for swift implementation.
The findings come as the property sector faces rising mortgage rates and broader economic uncertainty, with Chancellor John Healey set to deliver his first Budget this week. The survey results highlight the sector’s expectations for government intervention to stabilise market conditions and restore confidence among buyers, sellers, and industry professionals.
