Budget boosts housing market confidence

March 26, 2021 by Brendan O'Neill

Property Market

New survey data indicates that the recent Budget helped to boost the UK housing market, as more than one third of people stated that they consider this to be the right time for buying a home.

This survey was conducted by the Building Societies Association, and it shows that the latest Budget delivered by Rishi Sunak did a great deal to boost housing market optimism among buyers. Whereas in December, 23% stated that they did not consider this to be the right time for purchases, that figure dropped to 17% in the wake of the Budget.

There has also been a rise in the number of people who expect the average price of a house in the UK to go up, as 39% told the survey that they believed this – compared with just 25% back in December.

Furthermore, those who took part in the survey clearly indicated that it was measures introduced in the Budget that had made them feel better about the housing market. A total of 59% of respondents cited its mortgage guarantee scheme as the key factor, while 40% said that the extended stamp duty holiday was responsible. The extension of the furlough scheme was named by 33% as the main reason why they felt good about buying.

According to Property Reporter, Paul Broadhead from the BSA stated that the various schemes included in the Budget, coupled with the rolling out of the COVID-19 vaccination, had led to this improved outlook.

This should ensure that the market for CeMAP training and other careers connected to the housing market remains strong.