What does the Budget mean for the Greater Exeter property market?

By Roger Wilkinson, Founder & CEO, Wilkinson Grant & Co

The Chancellor has delivered his Budget. The headlines are predictably dramatic. But what does it really mean for homeowners, buyers, landlords and tenants across the Greater Exeter Area?

Having worked through more Budgets, interest rate changes and property market predictions than I care to remember, I've learned one thing: the headlines rarely tell the whole story.

And this Budget is no exception.

Let's start with the positives.

First-time buyers get a welcome helping hand through the new £4.7 billion Your First Homeequity loan scheme, launching next spring, alongside a new First Time Buyer ISA.

Importantly, there's no further Stamp Duty increase, and additional investment in affordable housing is welcome news.

Helping people onto the property ladder also helps others move up it. That's good for the whole market.

The less welcome news?

Landlords face another increase in tax on rental profits from April 2027. This could persuade some to sell, further squeezing rental supply and potentially increasing rents for tenants.

Not exactly the outcome anyone was hoping for.

And house prices and mortgages?

On the same day as the budget the Office for Budget Responsibility forecasts national house price growth of 2% this year and 2.5% in 2027. Modest, certainly, but growth nonetheless.

Its prediction that average mortgage rates could reach 5% by 2031 might attract attention but we don't forsee this adversely impacting on overall transaction numbers. Today's borrowers face affordability challenges, of course, but encouragingly, recent OnTheMarket research found 89% of active buyers remain confident they can raise the funds for their next home, despite concerns about interest rates.

My take?

The Greater Exeter property market isn't about to grind to a halt because of this Budget. Indeed, with sellers already being increasingly realistic on pricing, we anticipate continued healthy levels of activity.

People still need to move. Families grow, jobs change, children fly the nest and opportunities arise.

Buyers remain active, although increasingly selective. Sellers who price realistically and present their homes beautifully can still achieve good results.

My advice? Don't confuse a cautious market with a market lacking opportunity.

After more than 40 years in estate agency, I'm convinced that good decisions, sound advice and the right strategy matter far more than the latest Westminster headlines.

And that's unlikely to change in the next Budget either.