The UK housing market showed unexpected resilience in October, with estate agents reporting increased sales, rising buyer inquiries, and a brighter outlook following the Autumn Budget.
Despite pre-budget apprehension, the housing market outperformed expectations, according to the latest survey by the Royal Institution of Chartered Surveyors (Rics). Of the 269 estate agents polled, a majority reported more sales in October compared to September, driven in part by buyers seeking to complete transactions ahead of potential budget-related tax changes.
While some agents observed a slowdown in the weeks leading up to the October 30 budget, the overall sentiment was optimistic. “We have had a wave of exchanges and completions, probably prompted by a desire to exchange before the budget,” said Simon Milledge of Jackson-Stops in Blandford Forum, Dorset.
Similarly, John King from Andrew Scott Robertson in Merton, southwest London, attributed October’s surge in activity to a combination of media coverage on potential tax rises and easing mortgage rates.
Ian Perry of Perry Bishop in Cheltenham, Gloucestershire, noted: “[There was] a slight hiatus ahead of the budget but the market [is] now perking up again.”
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