Britain’s property market lost further momentum in September, while business confidence collapsed to its lowest level in three years, amid growing concern over Finance Minister Rachel Reeves’ upcoming budget.
The RICS house price balance improved slightly to -15 from -18 in August, indicating fewer surveyors reported price falls, although buyer demand and agreed sales remained weak for a third consecutive month.
Reports suggest Reeves may seek new housing-related tax measures to meet his fiscal goals. Economists have also linked the recent drop in Halifax’s house price index to pre-budget jitters.
In the rental market, landlord registrations fell to their lowest level since 2020, while tenant demand remained firm, pointing to rents rising by around 3% over the next year.
Another ICAEW business survey found that business confidence had deteriorated sharply, with 60% of businesses citing tax pressure as a growing challenge.
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Thoughts on Market Impact:
Rates: Weak sentiment could reinforce expectations of slower BoE tightening or earlier rate cuts.
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