Christmas lull hits early as house prices drop amid budget uncertainty - Property Industry Eye

Contributing sentiments towards policy:

51% : It's a similar story for homes priced between £500,000 and £2m, which would be impacted by rumoured stamp duty changes in England, and some also by capital gains tax on homes sold for over £1.5m. Sales agreed in this price range are down by 8% year-on-year, a smaller drop than the £2m+ sector, but a larger decline than the overall average this month of a 5% year-on-year fall in agreed sales.
48% : Growing speculation that the government will look to increase taxes on these properties, accounting for around 1% of the market, has led to some buyers in this price band waiting to see what the Budget brings.
45% : The market remains cautious, with speculation around the upcoming Budget, particularly regarding new property taxes at the upper end, fuelling uncertainty among sellers and buyers alike.
44% : " The number of sales agreed for homes priced over £2m, which would be subject to the rumoured mansion tax, is down by 13% compared to the same period last year.
43% : "Falling mortgage rates and rising wages have boosted buyer affordability, but the market also needs further Bank Rate cut and less uncertainty about taxes.
42% : While there is also a general unease at how the Budget may impact personal finances, the majority of home moves would be unaffected by the rumoured changes to property taxes.
39% : While homes in this price bracket haven't yet been the focus of any specific property tax rumours, the upcoming Budget is likely still causing some general jitters around how personal finances and affordability will be affected.

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