"While some uncertainty remains, many buyers, sellers, and renters are continuing with their plans, which is a positive sign for market stability as we head into the new year"
- Jason Tebb - OnTheMarket
UK property portal OnTheMarket has released a post-budget version of its Property Sentiment Index to gauge the impact of the announcement on homemovers and provide an early indicator of the market outlook ahead.
Despite considerable speculation and uncertainty in the months prior, the survey shows buyers, sellers and renters across the country are largely undeterred by the policies announced. Over half have already made the decision to press ahead, and even accelerate, plans in the 10 days following the chancellor's speech.
Half of respondents say the outcomes of the budget have no impact on their moving or investment plans, despite previous concerns, while 6% report they are actually accelerating plans following the announcements. Of the remaining 44% of respondents who had been planning a move, only 15% reported either delaying or cancelling following the budget announcements. A total of 20% are yet to decide.
Expectations of the impact on the market are mixed. Some 34% expect the overall budget outcomes to have a negative impact, while 16% see them as likely to have positive results. Almost a third, 30%, believe the announcement will have no effect on the property market.
Policy-specific measures such as the council tax surcharge, dubbed the mansion tax, are largely seen as neutral, though a minority anticipate delays or cancellations. Only 2% are cancelling their plans because of this policy.
Londoners' view of the council tax surcharge and budget overall is in line with the rest of the country, despite expectations of the capital being disproportionately affected. Renters are twice as likely to expect the budget will have a positive impact compared to buyers, while older age groups are more likely to view the budget negatively.
The early positive sentiment presents a cautiously optimistic outlook for a potential market bounce back in the new year. This follows the November price growth stall reported in the latest Halifax HPI as pre-budget turbulence took its toll. The findings present a stark contrast to predictions earlier this week that London's market will flatline for the next three years, with those on the capital's ladder largely sharing the same sentiment as the rest of the country.
"Ahead of the Autumn Budget, there was widespread concern about potential property tax changes, but our latest property sentiment report shows the impact on consumer plans has been relatively modest," said Jason Tebb, president at OnTheMarket. "While some uncertainty remains, many buyers, sellers, and renters are continuing with their plans, which is a positive sign for market stability as we head into the new year."
Post-budget property sentiment: 10 days on
Of those surveyed, 40% had plans to buy a new home, and 23% had been intending a rental move prior to the budget. Following the announcement on 26 November 2025, half of these say their plans remain unchanged, while 6% have decided to accelerate their moving plans. This suggests that the outcomes of the budget have not significantly disrupted confidence and, instead, provided welcomed clarity after some of the most turbulent speculation in recent years.
Only 12% have decided to delay their plans, and 3% have cancelled them. However, 20% of respondents with prior moving plans are still unsure or undecided. The remaining 9% responded as 'other'.
When asked about the overall effect of the autumn budget on the property market, 30% believe it will have neither a positive nor a negative impact. By contrast, 34% view it as somewhat or very negative, compared to 16% who see it as somewhat or very positive. This indicates a cautious outlook, though not as severe as many had feared.
Despite speculation around new tax policies, it appears the council tax surcharge, also known as the mansion tax, will have no impact on buyer and seller plans. Under this policy, properties over £2m will pay an annual tax of £2,500, and those over £5m will be subject to £7,500 a year from 2028. Some 66% say it will have no impact, with 2% stating it as the specific reason for cancelling their plans.
Although forecasts suggested Londoners would be hardest hit by the council tax surcharge, their views on this policy and the budget overall are broadly in line with the rest of the country. Responses closely reflect national averages.
