Budget clarity may be the spark property market needs - Tim Waring
As regular readers will be aware, I have had the privilege of being a columnist in Property Post for many years.
Quite often my allocated dates have fallen immediately before significant macro events such as general elections or significant interest rate changes.
During Covid, trying to give a considered view on the marketplace was at times interesting and challenging in equal measure. I remember one instance at 9am on a Tuesday morning, ahead of a 12 noon copy deadline, having a complete blank as to what I was going to write. Just what did the future hold? Look what then happened.
Now I am faced with giving you my thoughts five days before a long-awaited budget that might have a profound impact on the housing market. But then it might not, especially when one considers the road testing of numerous ideas that seems to have come out of 11 Downing Street of late.
Whatever your political stance, and however much you might think it is wishful thinking on my part, I am convinced the housing market will be a hive of activity post budget.
Once there is clarity, be that good or bad, buyers and sellers alike can plan with a degree of certainty, and make decisions accordingly. The housing market should inevitably benefit, it will not be a boom, and appropriate pricing will remain key.
I can see moving house being a New Year's resolution for many, especially those who have put their plans on hold for what seems to be a large part of 2025, having adopted the Yorkshire expression “if in doubt do now’t”. By contrast however, the rationale going forward for many already seems to be why wait until the spring.
I know one couple living in a lovely rented house who have been in no hurry to buy. They have delayed and they are lucky to have a substantial budget, but shortly they will be able to make an informed decision as they will have the information to do so.
They already know I will be chasing them at the end of next week for an offer on a property they have been considering for the last couple of months, gambling that no-on else would make an offer in the meantime. And this is not an isolated example.
Similarly, there are an increasing number of prospective sellers who have already decided, after months of hesitation, that they wish to move on with their lives and are planning to sell in the New Year. And in quite a few cases, it seems sooner rather than later. Post budget clarity, resulting in less hesitation and more enthusiasm from buyers and sellers, should by definition mean there is a strong prospect of much better market activity which has been sadly lacking of late.
Let me give you a closing thought. For many years Rightmove have claimed significant activity on their portal on Boxing Day. However, I have yet to meet an estate agent who has subsequently had a spike in enquiries, let alone more viewing requests as a result.
But maybe this year, for the reasons outlined above, this might actually happen, rather than the Rightmove activity being simply curiosity to avoid talking to distant relatives during the festive season.
GSC Grays estate agents, gscgrays.co.uk