On 30 October, the Chancellor, Rachel Reeves, laid out details of the UK Government’s Autumn Budget.

No one yet knows how the economy will rebalance itself, or whether the Budget will do as the Chancellor hopes and fuel a revival in the UK economy

October has produced further evidence of a steadily reviving property market, with most indices showing real-terms growth in terms of capital and rental values, and in terms of gross yields. In this report, we summarise the key developments and consider how the market might be affected by the Autumn Budget.

The market optimism that began towards the end of the first quarter of the year has continued, buoyed up by rising market activity and the first, long-awaited cut in the base rate. That has prompted an upturn in buyer enquiries, property sales and average values across nearly all parts of the UK

Numerous sources point to a continuing improvement in market confidence. Optimism about falling mortgage costs is certainly helping to buoy the property market, as is a slow easing in cost-of-living pressures.

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There will still be challenges ahead – the Prime Minister has warned that the Autumn Budget is “going to be painful” – but there is little doubt that the underlying conditions in the property market are continuing to improve.