Those looking to the Autumn Statement for signs the Government is keen to support the housing market will find that there wasn’t much to get excited over. This isn’t surprising, but many media outlets are running with the story the Government is committing to improving the buying and selling process.
The Government looking into ways to improve the home buying and selling
Process isn’t a new thing. In 2018, the Government published their Improving the home buying and selling Process: Responses to the Call for Evidence and government response document (available here for those who are interested) and from May 2022, the House of Commons Library has a research briefing titled Improving the home buying and selling process in England, which can be accessed here.
It is almost as if there have been problems in the home buying and selling process for many years. There have certainly been enough acknowledgments of the problem, but as of yet, the issue is far from resolved. The relevant announcement in the 2023 Autumn Statement states:
“As well as building the homes of the future, this government is committed
to supporting home movers with a range of measures to improve the buying and
selling process, including pilots to develop property tech products and digitise local
council property data.”
This is found in section 4.108, located on page 77 of the Autumn Statement 2023 document, available here if you would like to peruse the whole thing.
Some media sources report that £3m is allocated to improve the buying and selling process, and as we live in highly digital times, it makes sense to focus on tech and digital solutions. If implemented correctly, these should have a greater reach, and if they assist more people to buy or sell homes, it will be money well spent.
Of course, it is all about headlines at the moment, with very little in the way of substance when it comes to changes that will help people in the housing market. In the build-up to the Autumn Statement, there were some industry experts who expected significant changes, including Stamp Duty shifts.
We’ve all seen the impact Stamp Duty changes have on the housing market, and there are calls for changes relating to second homes, or properties lying empty. Anything which helps put more homes on the market will likely be a good thing, which is why the actual steps outlined in the Autumn Statement leave us unsure what, if any, impact there will be on the property market.
No matter what happens, we are here to assist you. We have experienced many ups and downs in the housing market, and while this is a difficult time, it isn’t the first challenging set of circumstances we have faced, and it is unlikely to be the last either. For informed guidance that helps you make the best decision for you and your loved ones, rely on a trusted local agent, rely on Coakley & Theaker
At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today by calling us on 01284 769691.