As we approach the upcoming Budget announcement, there’s a noticeable sense of anticipation across the property market. Many sellers appear to be taking a cautious “wait and see” approach, perhaps holding off until there’s more clarity around potential tax changes. Buyers, on the other hand, are still very much active, with strong demand continuing to drive competition for available homes.

Stock levels on our site are down 7% year-on-year, while property sales in August-October were up 1% compared to last year. The picture emerging so far is of a market where buyer demand remains strong, yet some sellers are holding back - possibly waiting for more clarity from Westminster.

Budget uncertainty: A cautious market

There’s plenty of speculation about what the Chancellor may announce – potential tweaks to Capital Gains Tax, Council Tax bands, or income tax. None of these are confirmed, of course, but even the prospect of fiscal changes can create hesitation in the market.

The idea of a ‘Mansion Tax’ has also resurfaced in recent weeks. While it makes headlines, it’s worth remembering that implementing such a tax would be complex. It would require property valuations to be updated regularly – something that hasn’t happened for 34 years. And even if introduced, a threshold of £2 million or more would capture only a very small segment of Scotland’s housing market. For context, we’ve seen relatively few transactions above that level in recent Registers of Scotland (RoS) data.

It’s also important to note that tax is devolved, so any change in Westminster wouldn’t automatically apply in Scotland. That’s an important distinction for homeowners and investors north of the border.

Why listing now could be a strategic move

Despite the uncertainty, buyer activity remains robust. Homes are still selling, and competition among motivated buyers continues. In fact, there’s a strong argument to be made for listing before the end of the year.

Traditionally, the early months of the new year see a surge in listings – and with that, greater competition among sellers. Listing now could help sellers stand out before a potential January/February glut.

A resilient market

No matter what the Budget brings, one thing remains constant: the market adapts. Buyers will continue to buy, sellers will continue to sell, and as interest rates show signs of easing, sentiment is improving.

At ESPC, we continue to see resilience across our network – and with informed advice from our member firms, buyers and sellers can make confident decisions even in times of change.