Research by estate agent comparison site GetAgent.co.uk found that while property market activity increased in recent months, the market could see a post-Budget boost come October.
Historically, the number of buyers entering the market has risen after the last nine Budgets.
GetAgent analysed the number of mortgage approvals from the two months before and after the last 10 Budgets since March 2020.
Following the Summer Statement in 2020, which announced the Stamp Duty holiday to help the struggling market, mortgage approvals increased by 259% in the two months that followed compared to the previous two months.
In contrast, mortgage approvals dropped by 22.1% in the two months following the Truss-Kwarteng mini-Budget in September 2022, compared with the months leading up to it.
On average, the number of buyers entering the market rose by 10.6% after major Budgets.
However, excluding the unusual effects of the pandemic boom and the mini-Budget, the average boost to mortgage approvals following a Budget stood at 2.9%.
After the last three Budgets, mortgage approval figures increased: by 19.6% after the March 2023 Budget, 16.4% following the Autumn Statement in November last year, and 4.6% after the March Budget earlier this year.
On average, mortgage approval levels rose by 12.6% in the two months following these Budgets, compared to the two months prior.
Colby Short, co-founder and CEO of GetAgent.co.uk, said: “The Budget can really influence the property market.
“The stamp duty holiday and the troubled Truss Mini Budget are clear examples of this.
“After Budgets, we often see a boost in buyer activity, especially after the last three.
“It’s not always about positive initiatives; sometimes, it’s just a wait-and-see attitude before the Budget that shifts into normal behaviour after.”
