Homeowners and prospective buyers, take note: the UK housing market could be in for a post-budget surge this autumn. This insight comes from a compelling analysis by GetAgent.co.uk, revealing a consistent pattern of increased buyer activity following budget announcements.
This is a positive take from a well-known company in the UK property sector. At the moment, most of the predictions for the Autumn Budget, scheduled for 30th of October, raise concerns about tax increases. If these predictions are correct, many potential homebuyers might have to reassess their plans.
Therefore, it is pleasing to see some industry specialists have cause for optimism. Whatever pans out at the end of the month, rest assured, Coakley & Theaker is on hand to assist you with your next move.
GetAgent's study of mortgage approvals surrounding the last 10 Budgets since March 2020 paints an intriguing picture. On average, the market sees a 10.6% increase in buyers after a major Budget announcement.
The Summer Statement of 2020, which introduced the stamp duty holiday, saw an extraordinary 259% spike in mortgage approvals. Conversely, the ill-fated Truss-Kwateng Mini Budget in September 2022 led to a 22.1% decline.
Stripping away these anomalies, the average post-Budget boost sits at a more modest but still significant 2.9%. This figure offers a realistic baseline for what we might expect.
The last three Budgets have all triggered increases in mortgage approvals:
• March 2023 Budget: 19.6% increase
• November 2022 Autumn Statement: 16.4% increase
• March 2022 Budget: 4.6% increase
On average, the two months following these recent Budgets saw a 12.6% rise in mortgage approvals compared to the two months prior.
If you're considering buying or selling, the post-Budget period could present a prime opportunity. The anticipated increase in buyer activity might lead to:
· More competitive offers for sellers
· A wider range of properties for buyers to choose from
· Potentially faster transaction times as the market gains momentum
While these trends are encouraging, remember that local factors and personal circumstances play crucial roles. Use this information as part of your broader decision-making process, and consider consulting with local estate agents for tailored advice.
As the October Budget approaches, keep your eyes on the market. This post-Budget bounce could be your chance to make a savvy property move.
Co-founder and CEO of GetAgent.co.uk, Colby Short, said: “The Budget can be an incredibly influential force when it comes to property market momentum and there’s no clearer example of the impact it can have than the introduction of the stamp duty holiday and the shambolic Truss Mini Budget. Generally speaking, they tend to spur a post-budget uplift in buyer activity and this has certainly been the case following the last three. It’s not always a case of positive property market initiatives driving this increase, it can simply be down to a wait and see mentality in the lead-up, which then gives way to a business as usual approach from buyers.”
At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today by calling us on 01284 769691.
Bury St Edmunds, Suffolk 01284 769691 or 01359 256821 or 01449 737706 or 07803 138123
Email: [email protected] or [email protected]
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