More than a quarter of prospective homebuyers have delayed or paused their property search ahead of the Autumn Statement, new research suggests.
A House Buyer Bureau survey finds 27% have decided to wait until after the Government’s fiscal announcement before continuing their search.
A further 21% remain undecided about whether to put their plans on hold, while 52% say they are continuing as planned.
The findings suggest political and economic uncertainty could temporarily reduce the pool of active buyers available to sellers in the run-up to the Statement.
MORTGAGE CONCERNS
Among buyers considering or already delaying their plans, mortgage rates are the most commonly cited concern, mentioned by 23%.
Some 18% are worried about potential changes to taxes or the wider cost of buying, while the same proportion are specifically waiting to see whether Stamp Duty changes.
Another 15% want greater certainty before making a major financial commitment and 13% believe the Statement could affect house prices.
Only 8% are waiting in the hope of financial support or incentives for buyers, while 5% are holding out specifically for additional first-time buyer support.
BUYERS STEP BACK
The research suggests many of those delaying their plans had already started looking for a property.
Some 54% had begun browsing homes online before stepping back, while 19% had contacted estate agents and 12% had attended viewings.
Just 15% had not started their property search, meaning 85% of those waiting had already taken some action towards buying.
Chris Hodgkinson (main picture, inset), Managing Director of House Buyer Bureau, says: “For sellers, the concern is that we’re not just talking about would-be buyers who haven’t started looking yet.
“Many of those choosing to wait were already browsing the market, contacting agents and even attending viewings before deciding to sit on the fence.
“Once the Government has shown its hand, some of this uncertainty should lift and buyers may well return to the market.”
