As we approach the upcoming Budget, the housing market’s needs have never been clearer, thanks to Rightmove’s recent survey of 34,000 people. This survey reveals a strong call for a streamlined home-buying process, alongside other key priorities like Stamp Duty reform, support for first-time buyers, and incentives for green improvements. Here at Hattons Estate Agents, we’re always looking for ways to streamline the process and make , so let’s dive into these insights and what they mean for our clients.
Simplifying the Home-Buying Process
According to the survey, 44% of homeowners are calling for the government to simplify the home-buying process, making it the top priority. The home-buying journey currently takes around seven months from listing to completion. For buyers, sellers, and estate agents alike, this lengthy timeline is often frustrating and stressful. Simplification and speeding up transactions could make the entire experience smoother, save on costs, and minimize stress for everyone involved. As Tim Bannister from Rightmove put it, “It’s frustrating, can be costly, and is a significant source of nail-biting stress for both home-movers and agents.”
Reforming Stamp Duty and Offering Green Incentives
Stamp Duty reform was another big focus, with 43% of homeowners and 46% of landlords expressing support for changes. Reducing Stamp Duty, especially for first-time buyers, could help more people enter the property market and make moving more financially accessible. Propertymark, the estate agency trade body, is advocating to keep the current zero rate for first-time buyers on properties up to £425,000.
In addition, 41% of respondents are in favor of incentives to make homes more energy-efficient. With rising awareness of environmental responsibility, more people are interested in green improvements. This aligns with our own eco-friendly initiatives here at Hattons, from reducing paper use to using electric cars and eco-friendly sale boards. We believe that the housing market should move towards more sustainable practices, and government incentives would support these efforts.
Supporting First-Time Buyers and Right-Sizers
First-time buyers, renters, and landlords have their own specific needs. A significant 60% of renters are looking for more support to get on the property ladder, while 46% of landlords would appreciate changes to the Stamp Duty system. To support older homeowners who may be considering “right-sizing” (moving into a smaller property), Propertymark has proposed that the government could introduce incentives for downsizing. This could create opportunities for larger families to move into homes that suit their needs, while helping the property market flow more effectively.
Rightmove’s Market Update
Interestingly, the survey also revealed positive trends in the market leading up to the Budget. Sales agreed have increased by 29% year-on-year, and the number of enquiries to estate agents is up by 17%, while available homes for sale have increased by 12%. This boost in activity highlights a renewed energy in the market, but also underscores the importance of a faster, more streamlined process to meet the rising demand.
If you have questions about how these changes could impact your journey, or if you’re ready to take the next step, get in touch. Our team is here to make the property process a little simpler, so you can feel confident and excited about what lies ahead.
