On the positives there have been relatively minor changes that will have an impact on the residential property market in the UK, providing continued stability.
However, there is almost no reference to increasing house building or recognition that home moves help fuel the economy so boosting this would have helped stimulate growth that the country needs.
Before the Budget, Movera called for more first-time buyer incentives to help encourage a fresh cohort on to the property ladder but importantly not through temporary solutions.
The buy-to-let market and highest value properties of £2mn and above have now become a little less attractive, which may have an impact on transaction volumes in those segments.
Digital reform
However, I’m disappointed the chancellor hasn’t taken the opportunity to prioritise investment in digital reform in the housing market. However, we don’t need government to mandate change that is in our control.
We want to be driving innovation in the property transaction process and investing to improve that process for our clients and customers.
We know through collaboration we can speed up the process of buying, selling and remortgaging a home in the UK.
For example, we’ve recently completed a transaction within three days by embracing digital tools, data sharing and collaboration through strategic partnerships.
Nick Hale is chief executive at Movera
