London Daily

Focus on the big picture.
Friday, Jun 20, 2025

Budget housing boom looms as millions of buyers hit agents’ websites

Budget housing boom looms as millions of buyers hit agents’ websites

Millions of homebuyers started their property hunt within minutes of yesterday’s Budget

Rishi Sunak’s double Budget boost for the housing market sent buyers stampeding to property websites yesterday ahead of an expected spring boom.

The Chancellor confirmed in his speech yesterday that the stamp duty holiday on purchases up to £500,000 will be extended three months to the end of June saving purchasers up to £15,000 in tax.

He also revealed details of a new Government-backed mortgage guarantee scheme for buyers with only a five per cent deposit.

Within minutes of the Chancellor sitting down in the Commons millions of potential buyers began searching out new homes and mortgage deals online.

‘Immediate spike in activity’ for estate agents


Property portal Rightmove had its busiest ever day since it was founded 20 years ago with more than nine million visits.

London estate Chestertons said it saw a 25 per cent rise in enquiries compared with the previous day between 1pm and 8am this morning.

They were 37 per cent higher than the same day last week and 41 per cent up on the average so far this year.

Dominic Agace, chief executive of Winkworth, which has 60 offices across the capital said it saw a 15 per cent surge in traffic to its website yesterday afternoon.

He said: “We saw an immediate spike in activity, compared to before the Budget and the same period last week.

“Talking to our offices, some noticed a surge of interest when the stories on stamp duty and 95 per cent mortgages emerged over the past week or so.

“The stamp duty holiday extension will take the pressure off those battling to beat the deadline and the mortgage guarantee scheme is a great boost to buyers and sellers in London, particularly in a sector of the market which has struggled due to lower mortgage availability.”

North London estate agent Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: “Our offices were noticeably busier following the Budget although the pick-up in activity started a week ago as so much Budget content was leaked before the big day. Many people have been making decisions for a while now.

“It’s not just a kinder-than-expected Budget for buyers and the 95 per cent government-backed mortgages which are making a difference. Further rollout of the vaccine, easing of lockdown restrictions and better weather are all playing a part.

“With the stamp duty holiday only extended for a few months, purchasers will still have to move quickly bearing in mind the present backlog in order to take advantage.”

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “So far, we’ve had more enquires about the stamp duty holiday extension than 95 per cent mortgages but there has been interest from Help to Buy purchasers who were considering new build.

“They have paused their search because they are more interested in being able to borrow 95 per cent on an older property. We expect to see more of this and the sooner we have visibility on some 95 per cent mortgage products, the better.”

Newsletter

Related Articles

0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
UK Home Secretary Apologizes Over Child Grooming Failures
Trump Organization Launches 5G Mobile Network and Golden Handset
Towcester Hosts 2025 English Greyhound Derby Amid Industry Scrutiny
Gary Oldman and David Beckham Knighted in King's Birthday Honours
Over 30,000 Lightning Strikes Recorded Across UK During Overnight Storms
Princess of Wales Returns to Public Duties at Trooping the Colour
Red Arrows Use Sustainable Fuel in Historic Trooping the Colour Flypast
Former Welsh First Minister Addresses Unionist Concerns Over Irish Language
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
France Bars Israeli Arms Companies from Paris Defense Expo
King Charles Leads Tribute to Air India Crash Victims at Trooping the Colour
Jack Pitchford Embarks on 200-Mile Walk to Support Stem Cell Charity
Surrey Hikers Take on Challenge of Climbing 11 Peaks in a Single Day
UK Deploys RAF Jets to Middle East Amid Israel-Iran Tensions
Two Skydivers Die in 'Tragic Accident' at Devon Airfield
Sainsbury's and Morrisons Accused of Displaying Prohibited Tobacco Ads
UK Launches National Inquiry into Grooming Gangs
Families Seek Closure After Air India Crash
Gold Emerges as Global Safe Haven Amid Uncertainty
Trump Reports $57 Million Earnings from Crypto Venture
Trump's Military Parade Sparks Concerns Over Authoritarianism
Nationwide 'No Kings' Protests Challenge Trump's Leadership
UK Deploys Jets to Middle East Amid Rising Tensions
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
Germany Holds First Veterans Celebration Since WWII
U.S. Health Secretary Dismisses CDC Vaccine Advisory Committee
Minnesota Lawmaker Melissa Hortman and Husband Killed in Targeted Attack; Senator John Hoffman and Wife Injured
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
×