The Help to Buy scheme, in all its various forms, has been crowned the most positive influence on the property market in recent times.
This, according to a survey by agency comparison website GetAgent, which polled 957 estate agents across England.
The survey aimed to gauge the sentiments of estate agents towards the property market, focusing on the biggest challenges they've faced, the most positive changes they've witnessed, and their wish list for the coming years.
When asked about the most positive influence on the property market, a whopping 28% of agents pointed to the Help to Buy scheme. Other notable mentions were the Building Safety Act of 2022, the proposed Leasehold and Freehold Reform Bill, and the Minimum Energy Efficiency Standards and Energy Act.
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However, it wasn't all rosy. The survey also highlighted some negative influences. Topping this list was higher inflation and interest rates, with 37% of agents identifying these as major challenges. Brexit-related political uncertainty and other political changes also featured in the top three, along with Covid and the Stamp Duty hike on second homes.
Looking ahead, agents expressed a desire for improvements in the speed and certainty of the home selling process, which was a priority for a quarter of respondents. Close behind was a call for more focus on meeting housing delivery targets (23%) and a complete abolition of Stamp Duty (19%).
Colby Short, CEO of GetAgent, acknowledged the positive impact of the Help to Buy scheme on the property market, despite questions over its benefits for first-time buyers. He also recognised the challenges posed by inflation and rising mortgage rates, advocating for greater speed and certainty in the home moving process, and meeting house delivery targets. He urged the next government to consider these improvements, which would significantly benefit businesses.
In a nutshell, the property market has seen its fair share of ups and downs. But with the right policies and improvements, estate agents remain hopeful for a brighter future.
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