Upcoming Spring Budget Presents Opportunity to Boost Housing Market

2 mins
February 20, 2024

A recent survey conducted by Countrywide Surveying Services in a webinar has unveiled that more than one-third of property professionals are eager for the reintroduction of government-led initiatives in the upcoming Budget to boost the new build sector and first-time buyer marketplace.

Boosting New Build & First-Time Buyer Support in Spring Budget

In response to the question, "What do you most want to see from the Chancellor in March’s Budget?" 35% of participants expressed the desire for Help to Buy or a measure supporting new build and first-time buyers.

Other preferences included a stamp duty holiday/reduction (22%), an inheritance tax cut (17%), stamp duty changes for downsizers (16%), and additional landlord support (10%).

2024 UK Property Market

When evaluating the 2024 UK property market, 41% of respondents were optimistic, with another 41% expressing a possibility of optimism. 13% were unsure, and only 5% believed there was probably no cause for optimism. Notably, none of the property professionals indicated a definite "no" regarding optimism for the UK property market in the next 12 months.

Focus on General Election & Housing Priorities

The final poll in the webinar centred around the General Election and the potential impact of a Labour victory. If this were to happen, 43% of respondents highlighted the increased supply of social housing as a top priority. Other priorities included improved planning processes in local government to increase housing supply (13%), making it viable for more first-time buyers to own their first home, and increased tenant protection against no-fault evictions, both generating 11% of responses.

Property Market Insights & Participants

These survey insights were gathered during Countrywide Surveying Services' regular webinar series, engaging over 300 participants, including lenders, brokers, surveyors, and other property professionals. The panel featured industry experts such as Graham Sellar, Rob Stevens, Timothy Bannister, and Kate Faulkner OBE, and the event was hosted by Martyn Stones, Director of Technical Services at Countrywide Surveying Services.

Martyn Stones emphasised the industry's need for government assistance in opening doors for more first-time buyers and addressing the widening supply gap, especially from an affordability perspective. Stones anticipates the upcoming budget's potential major influence on the housing and mortgage markets and is curious about the short, medium, or long-term impact of the highlighted measures.

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