A survey of estate agents reveals widespread doubt that the upcoming Budget will deliver meaningful support for the housing market, despite the recent announcement of a new first-time buyer scheme.
Research conducted by GetAgent found that 84% of agents are sceptical about whether Chancellor John Healey will introduce measures to stimulate property sales in next week’s Budget. The survey was carried out before the Government announced Your First Home, its latest initiative aimed at first-time buyers.
Market performance below expectations
The findings come as the housing industry contends with economic uncertainty and subdued demand. More than half of agents surveyed – 56% – reported that the property market has performed more weakly than they expected this year. A further 37% believe performance has been in line with expectations, while just 7% said the market has performed more strongly than anticipated.
Colby Short, co-founder and chief executive of GetAgent, said the Government has identified the area of the market where support is most needed, but questioned whether first-time buyer assistance alone would be sufficient. “Agents clearly believe more needs to be done to stimulate the wider market, particularly after a year that has performed below expectations for many,” he said.
Industry awaits broader measures
The research suggests that while first-time buyer support may address one segment of the market, agents are looking for broader commitments to improve overall market health. This sentiment reflects wider concerns across the property sector, with some agencies focusing on lettings expansion as an alternative revenue stream amid challenging sales conditions.
Short added: “The industry will now be watching closely to see whether the Autumn Budget delivers a broader commitment to improving market health, or whether it ultimately proves to be the anti-climax that so many agents expect.”
The Budget announcement comes at a time when the property industry faces multiple regulatory and operational challenges, including new compliance requirements for landlords that continue to reshape the rental market.
