Estate agents are calling for a Budget that restores confidence rather than creating further uncertainty, as higher mortgage costs and cautious buyers continue to affect property transactions. Industry leaders say the chancellor should focus on economic stability and predictable taxation rather than introducing another round of housing initiatives.
Confidence is key for buyers and sellers
Adam Day, head of eXp UK and Europe, said confidence was the most important factor for buyers and sellers. “The most important thing the chancellor can deliver for the property market on Wednesday is confidence,” he said. “Buyers and sellers need a stable economic environment in which they can make decisions, and further uncertainty around taxation and household finances will do little to encourage them to act.”
Auction stock rises as sellers seek alternatives
Oliver Prior, managing director of Auction House UK, said buyers were taking longer to commit to purchases. He reported more negotiations taking place after auctions, as prospective buyers reconsider their options. Meanwhile, the company’s auction stock has increased around 20% year-on-year.
Prior said the rise reflected more sellers considering auctions in a difficult market. “Higher borrowing costs are squeezing affordability, investors are becoming increasingly selective, and sellers are having to adjust their expectations,” he said. He also reported a shift in landlord activity. According to Prior, some smaller landlords are leaving the market while larger portfolio investors are acquiring additional properties.
Pricing remains critical
Nicky Stevenson, managing director of Fine & Country, said greater housing supply was giving buyers more choice. She warned that sellers could no longer rely on ambitious asking prices to attract interest. “The market is still moving, but buyers are becoming more selective and the days of optimistic pricing being enough to secure a sale are firmly behind us,” she said. Stevenson added that competitively priced properties could still attract buyers despite weaker sentiment.
Industry warns against further disruption
Marcus Dixon, UK head of living and residential research at JLL, said the sector needed stability rather than further regulatory changes. He pointed to elevated government borrowing costs and their impact on mortgage pricing.
Meanwhile, Chris Mason, chief operating officer of The Letting Partnership, urged the government not to overlook client money protection as financial pressures increase. He warned that agencies must maintain robust financial safeguards even as operating costs rise.
For property professionals, the Budget will therefore be judged on more than individual tax announcements. The central question is whether the chancellor can improve confidence and encourage buyers, sellers and investors to make decisions rather than continue waiting.
