The number of UK residential transactions were 95,980 in September, 4% higher than a year ago, HMRC data shows.<\/p>\n
Jason Tebb, president of OnTheMarket, said: \u201cThe market remains remarkably resilient despite wider economic and political concerns.<\/p>\n
\u201cThe series of interest rate reductions over the past year has provided reassurance for buyers and sellers alike, while last month\u2019s rate hold suggests a stable rate environment which is further helping confidence.<\/p>\n
\u201cPre-Budget speculation over tax changes is creating some uncertainty, although many are proceeding with transactions regardless.<\/p>\n
\u201cAny government efforts to help make the home-buying journey more accessible and affordable are welcome but any changes introduced in next month\u2019s Budget must work for the market as a whole.\u201d<\/p>\n
The government and Treasury are thought to be considering a range of property tax increases in the 26 November Budget \u2013 including a 1% Mansion Tax on homes worth more than \u00a32 million.<\/p>\n
Nick Leeming, chairman of Jackson-Stops, said: \u201cToday\u2019s transaction results are indicative of a housing market that has slowed in the run up to the budget, but remains fundamentally strong driven by lifestyle purchases.<\/p>\n
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\u201cSales agreed are up 1% from the month previous, a modest increase but one that indicates market stability.<\/p>\n
\u201cAt the top end, many \u00a32 million-plus movers remain in a holding pattern ahead of any possible tax reforms, with calculators in hand to see if a reset in tax could shift the numbers and impact any immediate plans.\u201d<\/p>\n
Richard Sexton, commercial director of proptech surveyor portal HouzeCheck, questioned whether it makes sense to take a \u2018wait and see\u2019 approach to the Budget.<\/p>\n
He said: \u201cThe numbers would be higher if people weren\u2019t hanging back for the Budget. And that doesn\u2019t necessarily make sense.<\/p>\n
\u201cI think there\u2019s next to no chance, for instance, that Rachel Reeves is going to introduce some radical new solution to taxing property \u2013 replacing council tax, say, with an annual levy based on a proportion of the value of each home.<\/p>\n
\u201cThat would represent a revolutionary overhaul of the way property is taxed: the government doesn\u2019t have the appetite for it. And we\u2019re not going to get a land value tax applied equally to all land, whether or not a house has been built on it \u2013 not in a million years.\u201d<\/p>\n
\u201cBut there is an emotional component to the decision to move home or to buy a house. People make irrational decisions and get scared even when they don\u2019t need to.
\u201cOnce the Budget is out of the way, I think we are going to see a lot of pent-up demand bursting out of the gates.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The number of UK residential transactions were 95,980 in September, 4% higher than a year ago, HMRC data shows. Jason Tebb, president of OnTheMarket, said: \u201cThe market remains remarkably resilient despite wider economic and political concerns. \u201cThe series of interest rate reductions over the past year has provided reassurance for buyers and sellers alike, while […]<\/p>\n","protected":false},"author":1,"featured_media":3318,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-5150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n