How does the Spring Budget affect the local property market?

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There’s been a lot of buzz this week about the Spring Budget and whether there are any changes that impact buying or selling property. The number one question asked on Google recently was ‘how does the Spring Budget affect me and my mortgage?’ We want to address this. The fundamental message Sims Williams wants you to hear is that the spring market is already showing great promise. Irrespective of the budget, the housing market is in a great place.

Things are much more positive compared to last year, and there are some fantastic reasons to buy or sell now. For instance, mortgage rates are far better than they were even a few months ago, which means more people are out there looking for homes. This is good news for both buyers and sellers! If you’re still sitting on the fence and feeling overwhelmed by the developments and headlines from this week, get in touch with your local Sims Williams branch so we can help to arrange a valuation for sale or simply give you some friendly advice on any aspect of moving. We are here to help and take the stress out of buying and selling homes.

Why do mortgage rates impact how many people are buying homes?

Lower mortgage rates make the monthly repayments more affordable and allows more people to buy. The flip side to this is, higher rates mean higher outgoings, and therefore limit the number of buyers.

In addition to affordability, mortgage rates can also impact buyer sentiment. When rates are low, people tend to be more optimistic about the housing market and feel it’s a good time to buy. Whereas, high rates can create a sense of uncertainty and discourage some people from buying. 

Will the spring budget impact the local housing market?

Budgets, more often than not, serve as political tools aimed at swaying election outcomes rather than directly benefiting homebuyers and sellers. That said, here’s what came out of Wednesday’s announcement that might affect you:

  • Capital Gains Tax (from property sales) has been reduced from 28% to 24%. The Chancellor says the move is predicted to increase revenues as there will be more transactions. In simple terms, the government is reducing the tax you pay when you sell property, hoping it will encourage more people to buy and sell, which they think will make them even more money in taxes.
  • From 1 June 2024, the government is abolishing Multiple Dwellings Relief, a bulk purchase relief (buying multiple properties at once) in the Stamp Duty Land Tax regime. It was set up to help investment in the private rental sector but didn’t really work – hence it’s being withdrawn. Property transactions with contracts that were exchanged on or before 6 March 2024 will continue to benefit from the relief regardless of when they complete, as will any other purchases that are completed before 1 June 2024. Without this discount, buying multiple properties at once will be more expensive. This might affect people who invest in property or developers who buy many houses together to renovate or sell. It could slow down these kinds of transactions and might even affect property prices in certain areas, as fewer people might be interested in buying multiple properties without the discount.
  • The holiday lettings tax relief scheme will be scrapped. The government claims that the aim for this clampdown is to encourage landlords to let their properties over the longer-term, creating more available properties for private tenants.

The Spring Budget 2024 has missed some key opportunities to directly support the housing market. It didn’t address the important issue of helping first-time buyers purchase their first homes. There weren’t many steps taken to increase the number of houses being built to solve the housing shortage either. There were only a few measures aimed at supporting the private rental market and preventing landlords from selling their properties. This missed opportunity could have made a real difference in addressing these housing challenges.

Is now the right time to buy or sell a property?

It can be daunting when you don’t work in the industry day in, day out; and we know that. That’s why we will always do our best to answer any question you have about the local property market. 

Rest assured, the housing market is moving, and with the right people by your side, you can be a part of it!  With the housing market showing resilience and activity, now is a good time to consider buying or selling. 

By teaming up with local experts and staying informed about market trends, you can navigate smoothly through the process and take advantage of the favourable conditions. So, while the budget may cause a stir, the property market remains strong, offering plenty of opportunities for those ready to make a move.

Sims Williams are estate and letting agents with offices in Arundel, Bognor Regis, Chichester and The Six Villages. For support and guidance you can trust, contact Sims Williams and move with confidence.

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What our clients say


I needed to rent a property in the Chichester area, while my new house is being built. David Vawdry of the Chichester office made this very easy for me, when I was experiencing considerable delays by my purchaser's solicitor, making it difficult for me to enter into a tenancy agreement. David Vawdry found a very suitable property at very short notice. I moved in several days ago and I am delighted with the property I have rented and have settled in very quickly.
Keith E - Tenant - Oct 5th, 2020

Professional Service

I have recently used Sims Williams to sell my property in Chichester, from start to finish the staff especially Karen Toomey were very professional in both selling the property and keeping me informed during the process, Karen personally oversaw my house sale and was my go between on all aspects of the sale including dealing with solicitors and buyers a very professional lady. I have used Sims Williams on previous sales purchases and lettings over the years and they have always stood out with there professional standards and costs for carrying out these works, I can not praise them enough for what they do for you.
Mr Stark, Vendor - Nov 1st, 2021

Excellent - Professional and Friendly

We have just taken on a new rental property via Sims Williams and from the very first viewing to picking up the keys David and his team have been excellent in making the process as smooth as possible. Great service and highly recommended.
Kevin & Jane - Tenant - Feb 6th, 2024

Excellent Service

John Wyatt from the Bognor Office office was exceptionally helpful all through our recent Purchase. He was the lynchpin in making the whole transaction happen. He always replied to emails and telephone calls, and nothing was too much trouble. Without his help in liaising both with the vendor, and both sets of solicitors, I am convinced that we would have taken an awful lot longer to get to completion. I really cannot praise his helpfulness enough, but I would like to add that on the odd occasion that John was unavailable, all the other staff both in Walberton and Chichester were also extremely helpful
Buyer - Jun 29th, 2021


I have recently purchased a property in Walberton and I have been incredibly impressed by the outstanding support provided by the Walberton team. They really do go above and beyond and provide a very personal service to their customers. It was a very difficult chain with many challenges along the way but Lin in particular was outstanding. She was always very professional and friendly and was clearly determined to ensure that the sale progressed. She always responded to my many phone calls or emails and provided reassurance. I know that if we ever sell again!! I would use Sims Williams.
Catherine H - Buyer -

Fantastic Service

As first time sellers we had a lot of questions and Sims Williams were happy to help. They were easy to contact throughout, kept us up to date on viewings and feedback. They even found our perfect home, which we got to see before it went on the market. Karen & the team were fantastic at keeping everyone in the chain informed & keeping the sale & purchase moving forward. We would highly recommend them & will use them again in future if we ever move. Thanks so much from happy house sellers & buyers.
Mr & Mrs Fairbairn - Apr 5th, 2022

Great service comes from great teams

As I am living in another country, I am fully dependent on a trusting letting agent to manage the property and the tenant in both a professional and caring manner. The Sims Williams team came as a gift that were recommended to me by somebody who cared as well. From their first touch a difference could be noticed which installed confidence in their expertise and advice. Such a personal and efficient team assures that the tenant and the property are both in good hands.
Janeen - Landlord - May 19th, 2021


Excellent letting agent, Jo has been brilliant and lovely to deal with, the communication from her has been fantastic. The whole process of viewing the property to signing the tenancy was quick, efficient and smooth. Would highly recommend Sims Williams.
Rachael - Tenant - Oct 7th, 2022

Excellent service!

Care and courtesy shown. Friendly manner. Professional and efficient.
Andy Peppler - Vendor - Jul 5th, 2021

Professional Throughout

A great big thanks to John and all the staff at your Bognor branch. From the first visit to the completion of the sale we were dealt with professionally and with understanding. Great staff and very efficient. We were given all the help we needed through the entire transaction.
Mrs Hetherington - Vendor - Aug 31st, 2022