Knight Frank recorded a marked acceleration in sales in the week leading up to the Autumn Budget, with nearly £300 million of residential transactions exchanged across its UK network.
Activity was driven by buyers seeking to complete ahead of potential fiscal changes, with agents reporting a notable increase in urgency as speculation intensified.
The Chancellor’s statement on 26 November appears to have provided the clarity many buyers were waiting for.
Within 24 hours of the announcement, the firm saw a discernible rise in offers, as confidence began to return to parts of the market that had stalled during weeks of uncertainty.
IMPROVED VALUE
The release of pent-up demand follows a prolonged period in which prospective purchasers paused decisions amid concerns over possible tax reforms.
Knight Frank also points to improved relative value across the UK market. Prices in some prime sectors, particularly central London, remain well below their 2015 levels, with values in the capital’s most exclusive postcodes still around 20 per cent lower than a decade ago.
BARK WORSE THAN THE BITE
The firm’s Head of Residential, Tim Hyatt, says: “Our teams across London and the Country exchanged on almost £300 million of residential property last week.
“We saw the number of transactions more than double when compared to the same week in 2024, broadly driven by pre-Budget fears over potentially onerous tax changes, especially rumours around capital gains tax on primary residences which would have been hugely damaging for the prime market.
“In the end, the bark was worse than the bite. Weeks of speculation caused more disruption than the measures introduced are likely to.
“With clarity on future policy changes, and downward pressure on pricing in recent years, many home buyers now see London and the wider prime country market as one which is offering real value. For those that are in a position to take a mid to long term view, I believe this point in the property cycle, is an opportune time to act.”
Among last week’s major deals was a large lateral apartment overlooking a Knightsbridge garden square, guided at £25 million.
