Worried homeowners are rushing to sell their larger properties, fuelled by speculation that a Capital Gains Tax (CGT) bombshell could be dropped in the upcoming October budget.

Rightmove, the UK’s leading property website, has reported a massive surge in the number of bigger homes hitting the market. In the week ending September 9th, listings for four-bedroom detached houses and anything bigger jumped by 15% compared to the same time last year. And if you’re thinking of selling your fancy seaside villa or sprawling countryside estate, now might be the time – the East and South West of England saw a massive 20% increase in listings!

So, what’s driving this panic-selling? Experts believe it’s the fear of Chancellor Rachel Reeves wielding the CGT axe in the October 30th budget. With the Resolution Foundation thinktank urging the government to raise billions through tax hikes, including CGT, it seems homeowners are keen to cash in before any changes come into effect.

It’s not just the looming taxman spooking homeowners, though. Falling mortgage rates, following the Bank of England’s recent interest rate cut, are also encouraging people to make a move.

Despite the uncertainty, there are glimmers of hope. The Royal Institution of Chartered Surveyors (RICS) reports a small but encouraging increase in homes for sale, with experts predicting this trend will continue. Buyer demand and sales activity are also on the rise, suggesting a more positive outlook as we head towards the end of the year.

However, RICS warns that interest rate uncertainty and the looming budget are keeping a lid on things. Ultimately, the coming months will be crucial in determining the future direction of the housing market.

So, whether you’re a homeowner considering selling up or a potential buyer waiting for the right moment, keep a close eye on the news. Things are about to get interesting!