---
title: "Property Market Surges as Homebuyers Rush to Beat Budget Changes"
publisher: "Stockmark.IT"
author: "Stockmark.IT Website"
published: "2024-11-30T14:01:43+00:00"
modified: "2024-11-30T14:02:11+00:00"
date: 2024-11-30
canonical: "https://stockmark.it/property-market-surges-as-homebuyers-rush-to-beat-budget-changes/"
category: "Mortgage"
categories: ["Mortgage"]
image: "https://i0.wp.com/stockmark.it/wp-content/uploads/2022/11/uk-houses-sharetalk.jpg?fit=800%2C400&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# Property Market Surges as Homebuyers Rush to Beat Budget Changes

**Published:** November 30, 2024
**Author:** Stockmark.IT Website
**Categories:** Mortgage
**Featured image:** ![A pair of modern semi-detached brick houses with white-framed windows and small front gardens, set on a sunny day with blue sky and scattered clouds. @ stockmark.it](https://i0.wp.com/stockmark.it/wp-content/uploads/2022/11/uk-houses-sharetalk.jpg?fit=800%2C400&quality=89&ssl=1)

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Mortgage approvals soared to their highest level in over two years during October, as buyers and sellers raced to finalise property transactions ahead of anticipated tax increases in Rachel Reeves’s first budget as Chancellor.

Bank of England data reveals 68,300 mortgages were approved for house purchases last month, marking the highest figure since August 2022 and exceeding market expectations of 64,500. The trend extended to remortgaging, with 31,400 homeowners transitioning their loans to different lenders.

The pre-budget surge was primarily driven by concerns over potential reductions in stamp duty thresholds and possible increases in capital gains tax. The chancellor’s immediate implementation of a 2 per cent stamp duty surcharge on second homes triggered what industry experts described as a “frantic” rush to complete property deals before the midnight deadline.

Interest rates on newly drawn mortgages showed improvement, decreasing to 4.61 per cent in October – the lowest level since May 2023. This reduction in borrowing costs between May and October played a significant role in stimulating house purchases.

HM Revenue & Customs data supports this upward trend, reporting approximately 100,410 home sales in October, representing a 21 per cent increase compared to the same period last year and a 10 per cent rise from September 2024.

Consumer behaviour showed a cautious approach to spending, with households increasing their deposits by £20.2 billion in October – the highest since December 2020. This included £14.4 billion deposited into instant-access accounts, reaching levels not seen since March 2021, suggesting a rise in precautionary savings ahead of the budget announcement.

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