With last week’s Budget now announced, homeowners, buyers, and landlords across the UK are asking the same question: “How will this affect the property market?”
While the headlines tend to focus on big national measures, the reality on the ground can feel very different — especially here in North Devon, where our market behaves uniquely compared with major cities and the wider South West.
Here’s our breakdown of what the Budget may mean for the housing market in the months ahead.
📉 1. Interest Rates & Mortgage Confidence
While the Budget doesn’t set mortgage rates, it strongly influences confidence among lenders and buyers.
If the Budget is seen as economically stable and reassuring, this often results in:
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Lenders releasing more competitive fixed rates
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Buyers feeling more confident to move
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A slight boost in mortgage approvals
What this means for North Devon
Our local market — especially Barnstaple, Bideford, Braunton and Ilfracombe — is heavily driven by first-time buyers, family movers, and people relocating to our beautiful area.
A small improvement in confidence can create a big shift locally, often leading to a busier early spring market.
💷 2. Stamp Duty: No Major Overhaul — But Rumours Matter
The Budget did not deliver sweeping stamp duty cuts, but ongoing speculation about potential reform still influences buyer behaviour.
When people think stamp duty might change soon, we tend to see:
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Buyers pausing to “wait and see”
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Sellers delaying listing plans
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A short-term slowdown until clarity is provided
The North Devon impact
Our experience is that North Devon buyers are naturally cautious during uncertainty.
However, once clarity arrives — whether changes happen or not — the pent-up demand often releases quickly, boosting sales activity.
🏘️ 3. Support for Housebuilding & Infrastructure
Budgets often include commitments to housing supply or planning reform. While these measures take time to materialise, they do influence:
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Developer confidence
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Local authority planning activity
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Long-term housing supply
Why this matters locally
North Devon remains a high-demand, relatively low-supply area — particularly for:
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Family homes
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Bungalows
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Modern 3-bedroom homes
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Well-presented rural properties
Any support for new building is positive, but unlikely to impact prices in the immediate term.
🔁 4. Rental Market Pressures
The Budget comes at a time when landlords nationwide are facing regulatory change, rising costs, and shifts in mortgage affordability.
While no major landlord tax reforms were introduced last week, pressure remains due to:
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The upcoming Renters’ Rights Act
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Increased compliance obligations
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Higher maintenance and insurance costs for many landlords
What this means in North Devon
We are seeing two clear trends locally:
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Some smaller landlords deciding to exit the market
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Larger or more experienced landlords expanding portfolios while competition is quieter
The net result is a tightening rental supply, which continues to drive strong tenant demand across Barnstaple, Bideford, Braunton, Ilfracombe and surrounding villages.
🔍 5. Buyers Prioritising Stability Over Savings
One of the biggest Budget impacts isn’t financial — it’s psychological.
When the market feels stable, even without major tax cuts or incentives, buyers and sellers feel more comfortable making decisions.
This usually translates to:
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More consistent viewings
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Fewer fall-throughs
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A better flow of transactions
North Devon reality
We operate in a region where lifestyle and relocation decisions drive a large proportion of purchases.
Even modest stability often encourages:
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Out-of-area buyers moving for lifestyle
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Retirees moving closer to family
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Local families trading up
🧭 Final Thoughts from Collyers
While the Budget didn’t dramatically reshape property taxation, it did create a sense of economic stability — something the housing market has sorely needed. Stability alone can boost confidence, which in turn stimulates activity.
For North Devon specifically, we expect:
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A steady increase in listings heading into the new year
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Viewing levels to rise as mortgage confidence improves
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Rental demand to remain strong due to limited supply
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Property prices to remain largely stable, with desirable homes selling quickly
If you’re thinking of selling or letting, this could be the perfect time to prepare your property and position yourself ahead of the next wave of market activity.
📞 Need Advice Based on Your Property or Area?
We’re here to help — whether you’re planning to sell, let, or simply want clarity on how the Budget and upcoming legislation affect you.
👉 Book a Free Valuation
👉 Contact Our Award-Winning Team
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