Agents reject Budget as ‘wasted opportunity’

Most agents believe the recent Budget was a wasted opportunity, and the Government doesn’t know how to help the property industry.

Findings from two major surveys reveal the discontent among estate agents with Chancellor Jeremy Hunt (main picture) and other ministers responsible for housing policy.

Inadequate

A poll of 833 property professionals, commissioned by GetAgent, found that the vast majority were disappointed with the lacklustre Budget.

More than a quarter (27%) described the Budget as ‘inadequate’, and a further 54% said it was ‘underwhelming’.

The industry had been expecting an announcement on a 99% mortgage, but this was scrapped just days before, a decision that 56% agreed with.

Stamp Duty

There had been hopes of another Stamp Duty reduction, and 71% believe this should have been included by the government.

Two thirds (67%) said there should have been a buyer incentive introduced to help kick-start the market, with 64% stating they would have liked to have seen more focus on housing supply.

And a massive 83% think more should have been done to improve the homebuying and selling process.

The Tory party may as well have ignored the property market altogether.”

Colby Short, Co-founder and CEO, GetAgent

Colby Short, Co-founder and CEO of comparison platform GetAgent, says: “During what is likely their last budget for years to come, the Tory party may as well have ignored the property market altogether.

“Despite predictions, or maybe hopes, that there may have been stimulii for the property market, none were forthcoming.”

Meanwhile, in a snap poll of 160 letting agents carried out by tenant referencing firm Goodlord, 75% of respondents said they didn’t think the Government understood the pressure facing the sector.

And a further 19% weren’t sure, with just 6% saying they thought the Government truly understood.