Property Sector is in ‘Wait and See’ Mode
Commenting on how the property sector is fully in ‘wait and see’ mode ahead of the Autumn Statement,
Daniel Austin, CEO and co-founder at ASK Partners, said:
“With the Autumn Statement looming, the property market remains in ‘wait and see’ mode. Buyers are pausing, and developers are holding back amid uncertainty over potential tax changes and the wider economic outlook. While the Bank of England’s decision to hold interest rates provides some comfort, persistently high borrowing costs and a lack of policy clarity continue to stifle momentum. The proposed reduction of the affordable housing requirement to 20%, alongside a fast-tracked planning route, is a welcome step that could improve scheme viability in London. Yet for many developers, even this lower threshold may not be enough to make projects financially viable, given ongoing pressures from high construction costs, tighter debt markets, and uncertain exit values.
“Easing planning constraints and offering temporary relief on levies can help get stalled sites moving, but the challenge extends beyond supply. The government must also act to stimulate demand, through measures such as supporting first-time buyers, reforming stamp duty, and incentivising domestic purchasers to buy off-plan. To truly unlock housing delivery, both developers and buyers need compelling reasons to commit. Without measures to boost demand as well as supply, the capital risks continued under-delivery despite well-intentioned reforms.”
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