The Budget’s Impact on Today’s Property Market

A recent article in Today’s Conveyancer shows that confidence in the property market is at its lowest point this year. The Council for Licensed Conveyancers (CLC) say this fall is largely due to uncertainty regarding the upcoming Budget.

According to the CLC survey, three quarters of buyers and sellers are delaying their moves until the Chancellor’s plans are outlined. Only 42% expressed confidence in current market stability, down sharply from 64% in the previous quarter.

Uncertainty around the Budget has prompted buyers and sellers to adopt a “wait and see” approach, delaying transactions until government plans are clearer. This approach is contributing to a slowdown in market activity.

The survey also revealed that confidence among buyers and sellers has significantly dropped. Only 17% of buyers said they feel confident about the market, while a third were not confident and half were neutral. Among sellers, only 16% expressed confidence, with 38% lacking confidence and 46% remaining neutral.

In addition, respondents reported that the conveyancing process shows little signs of improvement, with only 14% saying it is getting faster. The majority either had no confidence or were neutral about progress in the process. While the average time from an offer being accepted to completion has remained three to four months, some cases are completing sooner while others are stretching beyond five months.

What does that mean for you?

• If you’re a seller: expect properties to stay on the market longer, given some sellers are holding off.
• If you’re a buyer: these market conditions may create opportunities, but you must factor in risks (tax updates, policy shifts, financing changes).

Looking ahead, the property market is likely to remain cautious until the Chancellor’s Budget provides clarity. Buyers and sellers who stay informed and plan carefully will be best placed to navigate changes and take advantage of opportunities as they arise.

For more information, you can read the full article on: https://todaysconveyancer.co.uk/confidence-property-market-slumps-amid-budget-uncertainty-clc-finds/