Almost half of homebuyers delaying until after the Autumn Statement

Almost half of homebuyers could be sitting on the fence in the run-up to the Autumn Statement, with 27% already delaying or pausing their property search and a further 21% yet to decide whether they will do the same.

The research from House Buyer Bureau found that just over half of homebuyers (52%) are continuing with their property search as planned.

For sellers, this could mean an even tougher battle to secure a buyer in the weeks ahead, with Budget uncertainty threatening to reduce the number of potential purchasers actively searching the market.

Mortgage rates top list of buyer concerns

The potential impact on mortgage rates is the most common reason given by those waiting until after the Autumn Statement, cited by 23%.

A further 18% are concerned that taxes or the wider cost of buying could increase, while the same proportion are specifically waiting to see whether stamp duty is changed.

Some 15% simply want greater certainty before making such a significant financial commitment, while 13% believe the Budget could affect house prices.

By comparison, just 8% are waiting in the hope that the government announces financial support or incentives for homebuyers, with only 5% specifically holding out for additional first-time buyer support.

Buyers stepping back after already starting their search

Perhaps most concerning for sellers is that many of those choosing to wait had already started their property search before deciding to put their plans on hold.

54% had already started browsing properties online, while 19% had progressed as far as contacting estate agents. A further 12% had already attended property viewings before deciding to wait until after the Autumn Statement, while just 15% had yet to start searching at all.

This means that 85% of those waiting had already taken some form of action in their property search before deciding to sit on the fence.

Managing director of House Buyer Bureau, Chris Hodgkinson, commented: "Autumn Statement speculation has become an almost annual headache for the property market and uncertainty over what might be announced can cause buyers to think twice before making such a significant financial commitment.
 
"For sellers, the concern is that we're not just talking about would-be buyers who haven't started looking yet. Many of those choosing to wait were already browsing the market, contacting agents and even attending viewings before deciding to sit on the fence.

"Once the government has shown its hand, some of this uncertainty should lift and buyers may well return to the market. But until then, sellers could face an even tougher battle to secure a buyer and, for those who simply can't afford to wait, the speed and certainty of a guaranteed sale may become increasingly important."