US EditionDemand for homes priced above £500k dampens amid Budget speculation
Buyer demand for homes over £500,000 dropped 4% and new listings fell 7% as uncertainty over the November Budget and tax changes slow higher-end market activity.
- Zoopla said demand for properties above £500,000 fell by 4% while new listings dropped 7% after analysing the five weeks to September 21.
- Ahead of the November Budget, buyers are adopting a `wait and see` approach, while speculation over Stamp Duty changes has reduced affordability and cooled demand in London and the South East.
- One in three homes for sale are priced above £500,000 with 8% over £1 million, while demand for homes over £1 million fell 11% and listings dropped 9%, Zoopla said.
- Estate agents report an average 36 homes for sale, a 20% rise from 2023, while sales agreed increased 3% as buyers tried to capitalise on the autumn market.
- Data show that house price growth slowed from 1.9% in December 2024 to 1.4% in August this year, while prices rose fastest by 2.8% in markets below £200,000 and the UK Government's Budget and tax policy could trigger a transaction spike.
6 Articles
6 Articles
Tax reform speculation slows high-end property sales, says Zoopla
Speculation over government tax reforms is beginning to cast a shadow over the upper end of the UK housing market, according to new figures from Zoopla. The property portal reported that demand for homes priced above £500,000 has slipped by 4 per cent compared with last year, while the number of buyers searching for £1 million-plus homes has fallen by 11 per cent over the past five weeks. Sellers are also showing caution, with listings for homes…
Demand for high-price homes falls as property tax speculation weighs on market activity | Today's Conveyancer
Zoopla’s latest House Price Index reveals the market for homes priced over £500,000 has been impacted by ongoing property tax speculation, with demand for properties over the rumoured threshold dropping by 4% year-on-year. New listings of properties the same price bracket have fallen by 7% over the last five weeks compared to the same period last year, with demand for properties priced over £1 million falling by 11% and new listings down 9%. De…
Zoopla HPI: budget tax speculation puts housing market under pressure - IFA Magazine
UK home buyers have returned to the market en masse over the past two years, fuelling a sustained recovery in housing sales. However, recent speculation over potential tax changes has begun to weigh on activity at the upper end of the market, according to Zoopla’s latest House Price Index. Buyer demand and the number of new listings for homes priced above £500,000 have fallen by four per cent and seven per cent respectively compared with a year…
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