Members of the estate agents industry view the Help to Buy program as the most beneficial development for the real estate market in recent years. Meanwhile, the most daunting obstacles of late have been rising inflation and interest rates, which have led to soaring mortgage rates and reduced buyer interest.
GetAgent, an estate agents comparison website, gathered input from 957 agents across England regarding the recent state of the property market, identifying the biggest difficulties, the most advantageous changes, and their hopes for the future.
When asked about the most beneficial recent influence on the property market, 28% pointed to the Help to Buy scheme, which initially aided homebuyers with new-build purchases before being targeted solely at first-time buyers. It’s credited with assisting over 387,000 homebuyers.
The Building Safety Act of 2022, which has been pivotal in establishing a robust regulatory framework for the construction industry and defining responsibility for fire and building safety in high-risk structures, received approval from 20% of respondents.
Other noted positive developments include the anticipated Leasehold and Freehold Reform Bill and regulations concerning energy efficiency.
When discussing negative impacts on the market, 37% cited the recent spikes in inflation and interest rates that have pushed up mortgage rates and subdued buyer demand. Brexit’s political instability was the second most noted challenge at 12%, followed by other political issues at 10%.
The effects of Covid-19 and the increase in stamp duty for second homes were also seen as negative influences.
Focusing on the future, agents expressed a desire for several changes over the next decade. One in four agents wished for a faster and more reliable home selling process. Target compliance for housing developments and the complete removal of stamp duty were also top concerns.
Colby Short, the co-founder and CEO of GetAgent.co.uk, shared insights on the differing opinions about Help to Buy’s benefits for first-time buyers but acknowledged its overall positive impact on the market. He also expressed understanding for agents’ calls for a smoother home transaction process and the achievement of housing construction goals.
