The UK property market has sprung to life after the 2024 Autumn Budget with many homeowners choosing to list their properties.
In the two weeks following the presentation of the Autumn Budget, property listings jumped 11.4%, adding 84,000 homes to the market and bringing the total to 823,898.
Which Regions Saw Huge Listings?
Scotland recorded the biggest jump, with listings up by 12.7%, while the North East and London also saw strong rises. Even Wales recorded a solid 9.5% rise.
Glasgow led the cities with listings climbing 13.4%, chased by Nottingham, Edinburgh and Brighton.
What Caused the Listing Spike?
The wave of listings suggests that sellers, who had been holding back, found little reason to wait after Chancellor Rachel Reeves' Budget offered no major tax breaks or incentives.
Experts say that the uncertainty before the big budget had dissuaded sellers from entering the market. It is not surprising that many home sellers wanted to wait and see what Chancellor Reeves would announce.
Unfortunately, the result was not very encouraging for property owners, particularly because there was no extension to the current Stamp Duty relief. This is why we are seeing such a rush among homeowners to list their properties post-budget.
Moreover, with the 31 March 2025 deadline regarding the end of the current Stamp Duty relief nearing, buyers are expected to act quickly to secure deals before tax changes hit.
Are Buyers Also Rushing?
It seems so.
According to data recorded by a real estate agency chain, October saw a sharp 71% jump in property sales compared to September. This appears to indicate that buyers were also scrambling to close property purchase deals before the Stamp Duty rates rose from 3% to 5%.
But though sales rose, new listings plunged 24% as sellers adopted a "wait-and-see" mode.
Conclusion
The 2024 Autumn Budget has undeniably shaken up the UK property market, as homeowners react to the looming end of Stamp Duty relief. Buyers were eager to close deals before the budget was delivered on 30 October 2024. But sellers are eager to offload their properties now. This has kept the property market hot for nearly two months.
As the market navigates these changes, the coming months will reveal whether this momentum sustains or subsides.
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