“The extended period – some 12 weeks – between the date the budget was set, and its date of delivery, has been filled with speculation which has negatively impacted homebuyers and slowed the market. This has been further fuelled by today’s pre-budget speech which set out the context for the budget without elaborating on the detail.
“Whilst Denbury Homes has enjoyed a strong year and is on track to meet annual targets, it is disappointing that this lack of clarity has hampered the last quarter of 2025. The seemingly endless talk of tax rises and spending cuts in the period since the budget date was announced in September, has led to confusion and some unwillingness to proceed with house purchases or sales. This does not just relate to those areas concerning property such as stamp duty or council tax but, to the wider picture of income and inheritance tax, capital gains tax, and pension reform too, not to mention how changes in national insurance could affect businesses, individuals, or indeed landlords, through the suggestion that NI could be added to rental income.
“Almost the only thing that seems absent from the conversation is support for first time buyers. It’s been acknowledged that first time buyers face the toughest conditions for 70 years1. Since the end of the Help to Buy equity loan and Help to Buy ISA schemes we have seen a significant decrease in first-time buyer activity. Customers wanting to buy their first property find themselves struggling with affordability; with saving for a deposit proving particularly challenging. Without first time buyers being able to take that critical first step onto the ladder, the whole housing market is in danger of stagnating.
“Progress is however being made in the planning system with some evidence of the reforms that have been introduced having a positive impact. We look forward to this gaining momentum. I also look forward to clarity when the budget is finally delivered on 26 November, and hope the government stands by its commitment to growth, along with its ambition to deliver on the housing pledge by supporting the entire process and not just planning.”
1 https://www.bsa.org.uk/information/publications/research-and-reports/first-time-buyers
