MANCHESTER, England, Dec 11 (Reuters) – Britain’s housing market slowed after finance minister Rachel Reeves’ budget last month, according to a survey of chartered surveyors that showed buyer enquiries falling at the fastest rate in over two years.
The Royal Institution of Chartered Surveyors’ monthly gauge of new buyer enquiries fell in November to -32% from -24% in October, marking the weakest reading since September 2023.
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Three-quarters of responses to the RICS Residential Market Survey came after Reeves’ budget on November 26.
The report adds to signs of subdued property market activity around the time of the budget, which contained a new annual tax on homes worth more than 2 million pounds ($2.63 million).
RICS said there was a sense of relief among surveyors over the high price threshold, with the surcharge due come into force in April 2028.
Respondents also said media leaks about the content of the budget during November – which Reeves described as unacceptable on Wednesday – had dampened housing market activity.
UK housing market slows after tax-raising budget, RICS survey shows
