The 7am cut – 18/3/2024

The 7am Cut

In the news this week: house prices rose in February; buyer enquiries and mortgage approvals are increasing; and Stockport is named the best place to live in the northwest of England 2024…

Will property investors be affected by latest stamp duty change?

“Last week’s Spring Budget contained a few changes that will affect the UK property market, including a capital gains tax cut and changes in how short-term lets (furnished holiday rentals) will be treated for tax purposes.

When it came to stamp duty, the announcement was not what many in the industry had expected, with many calling on the government to make the current first-time buyer thresholds permanent, to reduce or abolish stamp duty for downsizers, or to remove the 3% additional rate for property investors in order to boost the buy-to-let market”…


– Eleanor Harvey, BuyAssociation

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House prices rise 1.7% as property market edges closer to 2022 peak

“UK house prices rose in February, evidence the property market is continuing to rebound from a slump last year. A typical UK home now costs £291,699, around £1,000 more than last month. Property prices grew by 1.7 per cent on an annual basis, compared with 2.3 per cent the previous month, Halifax said.

Kim Kinnaird, director, Halifax Mortgages, said the figures “continue to suggest a relatively stable start to 2024 and align with other promising signs of increased housing activity, such as mortgage approvals”…

– David Connett, iNews

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‘Solid rise’ in homes being put on the market as buyer inquiries grow

“A “solid rise” in sellers putting their homes on the market was seen in February, with the strongest upswing recorded since autumn 2020, according to surveyors.

Across the UK, new buyer inquiries grew for the second month in a row, with a net balance of 6% of professionals reporting a rise rather than a fall. The report said the latest findings are consistent with a slightly more upbeat picture for sales market activity than was the case throughout much of last year”…

– Vicky Shaw, The Standard

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RICS: Buyers and sellers are returning to the property market amid hopes of rate cuts

“Property professionals are becoming more positive about the long-term prospects for the housing market even as expectations of interest rate cuts have been pushed back.

Home buyers benefited from a mortgage price war in the first months of the year as lenders cut rates in anticipation of the Bank of England cutting the base rate early this year. This has boosted property market activity, with the Royal Institution of Chartered Surveyors (RICS) reporting that its members – estate agents and surveyors – have been become busier after a slower market in 2023″…

– Marc Shoffman, Money Week

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Stockport, Greater Manchester, named best place to live in the northwest of England 2024

“Stockport is supremely functional – offering good-value property up and down the property ladder, parks, choirs and sports clubs including a resurgent Stockport County FC and rail links to the entire country. You can get to Manchester Piccadilly in ten minutes and the area around the station is being revamped; the imminent Stockport Interchange will link it with a new subterranean bus station beneath an attractive public park.

Most interesting is the area around the Market Square and Underbanks, where the historic streets are filling up with a joyous collection of independent businesses”…

– Tim Palmer, The Times

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Stockport could become the UK’s next big tech hub

“Stockport could become the UK’s next big technology hub, insiders reckon. Boasting a revitalised town centre and direct transport links to both Manchester and London, the council urging tech firms to take a serious look at the area to set up shop.

Councillor Jilly Julian, the town hall’s cabinet member for finance and resources, said: “Stockport is undergoing a rapid transformation. Digital tools and platforms have opened up boundless opportunities for innovation, entrepreneurship, and collaboration”…

– Declan Carey, Manchester Evening News

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