Brexit and High Interest Rates pose major challenges to agents

Letting agents believe Help to Buy has been the most positive influence to the property market in recent times, while on the other side of the coin, Brexit and increasing interest rates have been amongst the biggest challenges.

Property website GetAgent surveyed 957 agents across England asking about issues that concerned them.

When asked what they felt had been the most positive influence, 28% said Help to Buy in its various forms. This was originally launched to help buyers with the purchase of new-build homes, before later being refined to first-time buyers only and is estimated to have assisted 387,195 purchasers. 

The Building Safety Act of 2022 also ranked high with 20% of respondents, having helped to create clarity over responsibilities for fire and building safety in high risk buildings.

The current Leasehold and Freehold Reform Bill was also considered ‘positive’ as was the Minimum Energy Efficiency Standards and Energy Act.

When asked what they felt had been the most negative influence on the market in recent times, 37% said higher inflation and interest rates .

The political uncertainty caused by Brexit ranked second with 12%, while other political challenges and changes placed third (10%).

Covid also ranked within the top five, as did the stamp duty hike on second homes.

The survey also asked what changes they would like to see implemented over the next 10 years.

Some 25% would like to see improvements to the speed and certainty of the home selling process, with more focus on meeting housing delivery targets (23%) and the complete abolition of stamp duty (19%).