Following the Autumn Budget announcement, the UK property market sees a significant influx of new listings.
- More than 84,000 homes have entered the market, marking an 11.4% growth in just two weeks post-Budget.
- Scotland, the North East, and London show the most substantial increases in property listings.
- Despite being the lowest, Wales still reports a 9.5% rise in new listings.
- Cities like Glasgow and Nottingham lead with over 13% increase in homes listed.
In the two weeks following the recent Autumn Budget, there has been a noticeable increase in the number of homes put up for sale across the UK. Based on data analysed by Yopa, the real estate agency, over 84,000 homes have been listed for sale, which accounts for an 11.4% increase from previous figures. This surge signifies a renewed activity in the property market after the Budget’s release.
Every region across Britain has experienced a rise in property listings. Particularly, Scotland observed the most significant increase, with a 12.7% rise in new homes on the market. Similarly, the North East and London both reported substantial increases, with 12.3% and 12.2% respectively. These figures highlight a pattern of growth in various parts of the UK, encouraging a positive outlook for the property market.
Wales, although having the smallest percentage increase in new property listings, still saw a respectable 9.5% growth. This indicates a widespread effect of the Budget on property market dynamics across different regions. Sellers seem to have been waiting for the Budget’s announcements before deciding to list their homes, reflecting a common pause in market activity before such economic events.
Among major cities, Glasgow leads the way with a 13.4% increase, closely followed by Nottingham with a 13.3% rise. Edinburgh and Brighton also showed considerable growth, with increases of 13.2% and 12.5%, respectively. This trend suggests that urban centres are particularly benefiting from the post-Budget market conditions.
As noted by Verona Frankish, CEO of Yopa, there’s often uncertainty leading up to a major Budget announcement. Home sellers frequently wait to gauge the market’s reaction to government policies. The absence of an extension to the current Stamp Duty relief seems to have motivated sellers to enter the market promptly, aiming to catch potential buyers before the impending 31st March deadline next year.
The Autumn Budget has sparked a significant resurgence in the UK housing market, with sellers eager to capitalise on current conditions.