The UK’s first female Chancellor of the Exchequer, Rachel Reeves, MP, delivered the first Labour Budget for 14 years on 30 October 2024, announcing tax increases worth £40 billion. Whilst agents will be relieved not to see a hike in Capital Gains rates, it is disappointing that the reversal of Section 24 and support for property owners to meet Minimum Energy Efficiency Standards have been overlooked. It is also a missed opportunity to give structured support to first-time buyers and downsizers to boost consumer confidence.

The property expert and MoveiQ founder has agreed with the proposals we submitted in our Autumn Budget representation. This Budget offers Chancellor Rachel Reeves MP a real opportunity to promote much-needed progress in the sector. Her decisions regarding SDLT reform, support for first-time buyers and energy efficiency, and the clarity she provides on landlord taxation, will be crucial in determining the future direction of the UK housing market.

Lloyds Banking Group has announced an injection of £2bn to help prospective homeowners secure mortgage funding. An improved loan-to-income multiple will allow eligible first-time buyers to borrow up to 5.5 times their annual household income.

Our pro-growth solution to tackle challenges the housing sector is experiencing has been sent to HM Treasury which focuses on increasing supply in the private rented sector, will boost home ownership, and generate momentum in the wider property market.

Further details have emerged from the fine print of the Autumn Budget Statement, which Chancellor Jeremy Hunt, MP, announced on 22 November 2023, with positive news for the mortgage guarantee scheme, proptech and new housing developments.

In a speech designed to remind voters of her economic pedigree and credibility to manage the economy, Shadow Chancellor Rachel Reeves announced her intention to increase the Stamp Duty surcharge for overseas buyers.

Michael Gove MP, Secretary of State for Levelling Up outlined plans to unleash building on underused sites in high-demand regions, along with a new design code to improve the quality of new homes, with the UK Government committing to passing the Levelling Up and Regeneration Bill and updates to the National Planning Policy Framework later in 2023.

From today, 16 December, the Scottish Government has raised the Land and Buildings Transaction Tax (LBTT) from 4% to 6% on additional properties with the aim of raising £34 million and provide opportunities for first-time buyers.

The UK Government will launch an independent review of access to mortgage finance for first-time buyers, with the aim of making it easier to access low-cost, low-deposit finance such as 95 per cent mortgages.

HOUSING REPORT: Although agents’ stock is still historically low, more new properties are coming to the market bringing with them new buyers and a lift in sales being agreed.

HOUSING REPORT: The average number of properties listed per member agent branch has risen — from 19 in January to 23 in February, the highest it’s been for five months.

HOUSING MARKET REPORT: Propertymark members have recorded a sharp rise in homes coming onto the market with the average number of new instructions per member branch rising from five in December to nine for January.

HOUSING MARKET REPORT: The average number of house hunters registered per member branch was the highest December on record at 461, with the average supply of properties continuing to fall to an average of just 19, 42 per cent less than in December 2020.

The Welsh Government has set out revenue and capital spending for the next three years, focusing on supporting Wales’s economic recovery as it emerges from the pandemic, seeking to strengthen it in a sustainable way to deliver a greener Wales.

HOUSING MARKET REPORT: The number of buyers registered per Propertymark member branch has increased by 12 per cent from October and the supply of properties continues to fall to just 20 homes per branch – the lowest ever recorded and 50 per cent less than November 2020.

HOUSING MARKET REPORT: The number of available properties per branch has decreased to 21, the lowest figure on record and 46 per cent lower than October 2020.