{"id":27160,"date":"2024-11-26T10:18:35","date_gmt":"2024-11-26T10:18:35","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/2024\/11\/26\/residential-property-review-november-2024\/"},"modified":"2024-11-26T13:35:30","modified_gmt":"2024-11-26T13:35:30","slug":"residential-property-review-november-2024","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2024\/11\/26\/residential-property-review-november-2024\/","title":{"rendered":"Residential\u00a0Property Review \u2013 November 2024"},"content":{"rendered":"
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Budget caused uncertainty in the market<\/strong> <\/p>\n<\/div>\n\n

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There was some uncertainty within the housing market ahead of the Autumn Budget at the end of October, which was reflected in muted consumer activity. <\/strong> <\/p>\n<\/div>\n\n

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House price growth slowed ahead of the first Labour Budget in 14 years <\/sup>according to Savills. Mortgage rates rose slightly at the end of October as lenders repriced their fixed rates around the Chancellor\u2019s announcements. However, Knight Frank do still expect house prices to increase by 3% this year.  <\/p>\n<\/div>\n\n

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Rachel Reeves confirmed that the lower Stamp Duty thresholds will be reinstated in April 2025, which is likely to cause a flurry of purchases in Q1 of 2025. Meanwhile, the increase in Stamp Duty on additional residential properties could reduce supply into the private rental sector.  <\/p>\n<\/div>\n\n

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Overall, many experts think that the Budget will cause inflation rates to be higher than initially predicted. This would lead to elevated mortgage rates, with less likelihood of strong house price growth.  <\/p>\n<\/div>\n\n

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Hope for the rental market?<\/strong> <\/p>\n<\/div>\n\n

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Conditions could start improving for renters, with Savills commenting that residential <\/strong>rental prices may have reached an \u2018affordability ceiling.<\/strong>\u2019 <\/p>\n<\/div>\n\n

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Figures from Zoopla show that UK annual rental growth slowed to 4.3% in September \u2013 a further decline from 4.6% in August. <\/p>\n<\/div>\n\n

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Plus, it seems that the Renters\u2019 Rights Bill may not have prompted too many landlords to leave the market, with Knight Frank reporting that between January – August this year, there were 6% more new lettings listings in Prime London than the same period in 2023. This is a welcome relief, as limited supply is already an issue across the rental sector.  <\/p>\n<\/div>\n\n

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Commenting on the Renters\u2019 Right Bill, Gary Hall, Head of Lettings at Knight Frank, said, \u201cThe new rules are likely to cause some logistical problems for landlords, but we are not expecting an exodus. Those who were on the fence have already left and those who stayed have benefited from strong rental value growth in recent years.\u201d<\/em> <\/p>\n<\/div>\n\n

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Increase in chain-free homes for sales<\/strong> <\/p>\n<\/div>\n\n

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Nearly a third of homes listed on Zoopla are currently chain-free.<\/strong> <\/p>\n<\/div>\n\n

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From April 2025, homeowners and investors could be charged up to twice the amount of Council Tax on their second homes, which has prompted many to sell. In turn, there has been a 33% increase in buyer enquiries on chain-free properties. <\/p>\n<\/div>\n\n

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Perhaps unsurprisingly, the UK\u2019s second home hotspots have the highest proportion of chain-free homes for sale \u2013 the North West (36.5%), Yorkshire and The Humber (35.9%) and the South West (35.9%). <\/p>\n<\/div>\n\n

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Senior Property Researcher, Izabella Lubowiecka at Zoopla, commented, \u201cThose looking at buying a home before Stamp Duty rates increase in April 2025 should think about buying a chain-free home as they tend to complete much faster. Now is a great time to look for properties, with more chain-free homes available than in previous months.\u201d<\/em> <\/p>\n<\/div>\n\n

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It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.<\/em><\/strong> <\/p>\n<\/div>\n\n

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All details are correct at the time of writing (20 November 2024)<\/strong> <\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Budget caused uncertainty in the market  There was some uncertainty within the housing market ahead of the Autumn Budget at the end of October, which was reflected in muted consumer activity.   House price growth slowed ahead of the first Labour Budget in 14 years according to Savills. Mortgage rates rose slightly at the end of […]<\/p>\n","protected":false},"author":12,"featured_media":27162,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[37],"tags":[],"hd_content_source":[116],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/27160"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=27160"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/27160\/revisions"}],"predecessor-version":[{"id":27201,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/27160\/revisions\/27201"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/27162"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=27160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=27160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=27160"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=27160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}