Post-Budget market perception - Insights from our network

Executive Summary 

Following the Chancellor's second Budget announcement, deverellsmith conducted two LinkedIn polls to gauge sentiment and anticipated sector impact across our professional network. Drawing on 121 total responses from property sector professionals, the findings reveal a market that was largely unsurprised by the Budget's contents, yet holds clear views on which sectors will face the most significant consequences. Build-to-Rent and the Private Rented Sector emerge as the anticipated focal point of Budget-related disruption through 2026. 

Analysis of overall budget sentiment 

Ryan Doyle's poll of 50 professionals asked whether the Budget was better or worse than anticipated. The results demonstrate a remarkably predictable policy landscape: 

The dominant "as expected" response (58%) suggests the market had accurately calibrated expectations ahead of the announcement, likely through pre-Budget briefings and speculation around key measures such as the mansion tax and frozen thresholds until 2031. The relatively small proportion finding the Budget worse than expected (8%) indicates limited negative surprise, whilst over a third found elements more favourable than anticipated, potentially reflecting relief that certain rumoured measures were less severe than feared. 

This distribution points to an informed market that has largely priced in the policy direction, reducing the likelihood of reactive volatility whilst raising questions about whether the Budget will deliver meaningful behavioural change. 

Analysis of anticipated sector impact 

When asked which sector would feel the biggest impact through 2026, our network of 71 respondents identified clear winners and losers: 

Build-to-Rent and the Private Rented Sector commanding nearly half of all votes (48%) reflects widespread recognition that this segment sits at the intersection of multiple Budget measures, from changes affecting landlord taxation to policies influencing institutional investment in rental housing. The sector's prominence in Government housing strategy, combined with margin pressures and regulatory evolution, makes it the natural focal point for anticipated disruption. 

The significant concern for Super Prime Residential (24%) likely stems from mansion tax implications and broader wealth taxation measures affecting high-value transactions and ownership structures. That Investment/Funds (15%) and Commercial/Office (13%) trail considerably suggests the market views residential sectors as bearing disproportionate policy attention. 

Our takeaway 

Our network polling reveals a property sector that entered this Budget well-prepared, with 58% finding the announcement aligned with expectations. However, preparedness does not equate to minimal impact. The clear consensus that Build-to-Rent and the PRS will face the greatest consequences through 2026 (48% of respondents) signals where strategic focus and advisory support will be most critical. 

For recruitment and talent strategy, this perception gap matters: whilst the Budget may not have shocked the market, it has crystallised views on which sectors face the most substantial operational and structural challenges ahead. Organisations in the Build-to-Rent and PRS space should anticipate heightened demand for specialist expertise as they navigate this policy environment, whilst Super Prime Residential's notable concern (24%) suggests continued complexity in that market's talent and transaction landscape.