Property industry reacts to Zoopla House Price Index

Nathan Emerson, CEO of Propertymark: “While a slowdown in new sales is to be expected ahead of the Budget, many of our member agents continue to report strong levels of motivated buyers and sellers who are simply pausing for clarity rather than exiting the market altogether.

“Speculation around potential changes to stamp duty and capital gains tax inevitably creates uncertainty, particularly at the higher end of the market, but the fundamentals remain stable. Employment levels are strong, mortgage rates have eased slightly, and the overall pipeline of sales remains robust.

“Hopefully, the chancellor recognises the importance of confidence and stability in the housing sector. Any reforms must provide long-term certainty and support for both buyers and sellers, not short-term measures that risk further hesitation. The UK government has an opportunity next month to reinforce trust and momentum in the market as we head into 2026.”

Jeremy Leaf, north London estate agent: “It’s fair to say worries about the Budget have prompted more buyers and sellers to pause before deciding whether to proceed with their moves.

“However, that doesn’t tell the whole story. On the ground, we’ve also noticed a general lack of confidence about taking on debt and prospects for the economy despite wage rises still exceeding house-price growth and inflation.

“Buyers are not rushing to make up their minds in view of the considerable choice of property available too. Fortunately, a reasonable number of needs-driven buyers still looking to move helps to explain why we’re finding the overwhelming majority of sales agreed are proceeding – albeit more slowly and some only following a little price re-negotiation.”

Simon Gerrard, chairman, Martyn Gerrard: “Here’s the hard evidence showing what we already knew – Labour’s fearmongering about what’s coming in the next Budget has caused an otherwise booming housing market to contract.

“For a government that claims to be relentlessly focused on economic growth, it has scored a massive own goal with poor messaging that’s unnecessarily spooked the housing market and will undoubtedly affect the wider economy. We’re now facing multiple months of subdued transactions, which will only reduce the overall tax take.

“If the government could take a pause from actively sabotaging the housing market, it would very quickly return to booming as it was before. That would do more to boost revenues for the Treasury than any of the counter-productive measures being mooted to tax our way out of the current deficit.”

Amy Reynolds, head of sales at Antony Roberts: “The housing market is slowing down as we approach the Budget – not in terms of the sales we are agreeing, but in terms of properties we are seeing to value, with other agents reporting similar.

“Vendors have opted not to come on the market in October, which is typically a busy time of year for us with the last push before Christmas. Nothing will happen in November, and then we are so close to Christmas it’s hard to see how a post-budget bounce will have an impact this year.”

Guy Gittins, CEO at Foxtons: “While the market has clearly slowed in recent weeks, much of this reflects a natural pause as buyers and sellers understandably take stock ahead of the November Budget. Once there is greater clarity around taxation and economic policy, we expect confidence to return quickly – particularly in London, where underlying demand remains strong and well-funded buyers are still active. The current slowdown should therefore be viewed as a temporary pause rather than a fundamental shift in market dynamics.”

Matthew Thompson, head of sales at Chestertons: “Many buyers have paused their property search ahead of the November Budget. Uncertainty over potential tax changes is holding back activity but if the announcements bring clarity, confidence could return quickly and create an unusually busy end to the year.”

Buyers and sellers adopt ‘wait-and-see’ stance amid Budget uncertainty