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Knight Frank has reported a surge in sales activity in the week preceding the Budget, with its UK residential sales teams exchanging on £161m of property outside of London and £132m in the capital. Agents across the firm’s national network noted heightened urgency as purchasers sought to complete transactions ahead of potential policy changes.
Following the Budget announcement last week, the lifting of uncertainty has triggered a marked shift in sentiment. The firm has observed renewed confidence among some buyers who had previously adopted a wait-and-see approach, resulting in an uptick in the number of offers received over the last 24 hours. Clarity provided by the Chancellor’s statement is starting to release the suppressed demand that had accumulated during the period of speculation, with buyers now able to make informed decisions based on confirmed policies.
Combined with this, the firm says the UK property market now represents good value compared to ten years ago, especially in prime central London where prices are down 20% since 2015.
Tim Hyatt, Head of Residential, Knight Frank, said: “Our teams across London and the Country exchanged on almost £300m of residential property this week. We saw the number of transactions more than double when compared to the same week in 2024, broadly driven by pre-Budget fears over potentially onerous tax changes, especially rumours around capital gains tax on primary residences which would have been hugely damaging for the prime market.
“In the end, the bark was worse than the bite. Weeks of speculation caused more disruption than the measures introduced are likely to.
“With clarity on future policy changes, and downward pressure on pricing in recent years, many home buyers now see London and the wider prime country market as one which is offering real value. For those that are in a position to take a mid to long term view, I believe this point in the property cycle, is an opportune time to act.”
Some of the deals that exchanged this week include a large lateral apartment in a garden square in Knightsbridge that had a guide price of £25m.
Housing market remains resilient despite pre-Budget uncertainty
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