Housing Insight Report: August 2024

As we head into the New Year, the sales market is set to see a trend unlike those historically seen across the winter months, with buyers and sellers, especially across England and Northern Ireland, pushing their sales and purchases through to save potentially thousands of pounds before the changes to Stamp Duty thresholds take effect from April 2025.

The announcement of Stamp Duty rises in England and Northern Ireland from April 2025 will likely push more people to the market in hopes of completing to, in some cases, save thousands on their next home purchase. Howevefr, tightened purse strings are being seen across the whole private rented sector.

Although the economic outlook remains mixed, the quarter ended with inflation in line with the Bank of England’s target, a precursor to a long-awaited reduction in the base rate. Our agents are bullish regarding capital values and rent levels in key sectors including the Industrial and Land and Yards sectors where demand continues to outstrip supply.

The auction sector is buoyant with 38% of agents reporting increased lot numbers in Q2 2024. Despite this positivity, challenges remain. The economic outlook remains mixed; our members are concerned about the cost of doing business. Positively, the quarter ended with inflation in line with the Bank of England’s target, a precursor to a long-awaited reduction in the base rate.