The 7am Cut
BuyAssociation curates a weekly news letter of the top property news headlines – to receive your weekly round up of property news, register today.
In the news this week: property market reacts to Labour Budget; house prices rise 1%; and the October mortgage market has been released…
Property market reacts to Labour Budget 2024
“Yesterday’s speech revealed a huge increase in spending, alongside a hefty hike in taxes, in what was a historic Budget by all accounts. While it consists of the biggest tax-raising Budget since 1993, it also included major investment in a bid to “get Britain growing”.
For the UK property market, the rumour mill had been churning profusely over recent weeks as to what tax hikes awaited it, as well as whether there would be any support for the rental market. Under the Tories, landlords had seen tax hikes in the form of both stamp duty and changes to mortgage interest relief, and many were calling for a step-change to boost the sector”…
– Eleanor Harvey, BuyAssociation
House Prices Rise 1% as sales activity soars, first-time buyers leading charge – Zoopla.
“House prices are 1% higher than this time last year, according to September data from online property portal Zoopla, with sales activity at its highest since 2020, writes Jo Thornhill.
The number of ‘sales agreed’ is 30% higher than a year ago, with first-time buyers representing 36% of all sales, making them the largest buyer group in 2024 so far”…
– Jo Thornhill, Laura Howard, Forbes
The October Mortgage Market
“October has also brought updated forecasts, particularly from Savills, which initially predicted a 3% drop in UK house prices for 2024. However, this forecast has now been revised to a 2.5% increase. According to Land Registry data (via Which?), annual house prices have risen by 2.8%”…
– Jonathan Fowler, BuyAssociation
Property transactions 2% higher than same period last year – HMRC
“The provisional non-seasonally adjusted estimate of the number of UK residential transactions in September 2024 is 94,800, 2% higher than September 2023 and 9% lower than August 2024, according to HM Revenue & Customs recent UK monthly property transactions”…
– Katie Johnson, Today’s Conveyancer
Stockport doubles town centre homes ambition
“The council has hired CBRE to draw up a strategic regeneration framework for 280 acres east of the town centre with plans to deliver 4,000 homes over the next 15 years”…
– Dan Whelan, Place North West
