HOUSE MARKET 'FREEZE' DUE TO BUDGET

Experts predict 'limp' end to year after Reeves gave buyers and sellers 'nothing'

- MARTYN BROWN and KATIE ELLIOTT

BRITAIN'S housing market will “limp” towards the end of the year after the paralysis caused by Rachel Reeves's Budget, experts warn.

They say fears over tax rises and growing “uncertainty” have now “frozen the market”.

And, after a chaotic buildup to last week’s fiscal statement, the Chancellor ultimately gave buyers and sellers “nothing”, according to one estate agent.

House prices ground to a standstill last month as buyers worried about the threat of tax rises.

The value of a typical home was unchanged between October and November, signalling a dramatic slowdown.

Compared to the same month last year, house prices grew by a lacklustre 0.7%, much less than the 1.9% in the 12 months to October.

It comes as the Chancellor continues to face a furious backlash following the chaotic run-up to the Budget.

Markets were spooked when she strongly indicated that income tax could be hiked during an unprecedented morning press confer ence just weeks beforehand.

But Ms Reeves then U-turned, extending the freeze on tax thresholds for three years instead.

Shepherd Ncube, boss of Springbok Properties, said the pre-Budget flip-flopping has had a big impact on the housing market.