'The property market could benefit from the chancellor's prudent economic approach'

Paresh Raja, CEO at MFS: 

"It's no secret that there are issues requiring attention in the property sector, most notably where housebuilding activity, planning regulations and the national housing stock are concerned. Clearly, as Hunt looked down his list of priorities for this particular Budget, these items were overlooked in favour of other pressing concerns.

"In truth, the property market could benefit from the chancellor's prudent economic approach. While there may not have been any noteworthy policies or investments relating specifically to property, his efforts to combat the cost of living crisis and bring much needed stability to the economy should be welcomed.

"We saw how tumultuous the effects of the mini-Budget were back in September. The ill-fated announcement fuelled significant interest rate changes and a great deal of uncertainty. Hunt has favoured a cautious approach, and the property market will likely benefit from a sense of economic calm, particularly if inflation continues to fall and interest rate hikes come to an end."