Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Politics

UK home sales and prices set to soar ahead of April stamp duty changes

admin by admin
November 29, 2024
in Politics
0
UK home sales and prices set to soar ahead of April stamp duty changes
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

The UK housing market is bracing for a flurry of activity as buyers hurry to secure properties before tax breaks expire in April 2025 and stamp duty changes take effect.

According to property platform Zoopla, the anticipated changes have already triggered increased demand, with sales expected to accelerate over the next four months.

In the autumn budget, Chancellor Rachel Reeves announced a reduction in the zero-tax stamp duty threshold from £250,000 to £125,000 for all buyers.

First-time buyers will face an adjusted threshold of £300,000, down from £425,000, effective April 1, 2025.

These changes will hit first-time buyers in high-value areas the hardest.

Rightmove estimates that only 8% of homes in London will remain stamp-duty free for first-time buyers, compared to 24% in the southeast and 32% in eastern England.

US house prices and sales to climb

Zoopla reported that UK house prices increased by 1.5% in the year to October 2024, driven by a surge in demand following the budget announcement.

Prices are expected to rise by a further 2.5% in 2025, with home sales projected to reach 1.1 million next year—a 10% increase from 2023.

This growth stems from pent-up demand that built up over the summer, compounded by buyers rushing to benefit from existing tax breaks.

Richard Donnell, Zoopla’s executive director, highlighted that affordability has improved faster than expected due to rising incomes and stabilizing mortgage rates, paving the way for continued market momentum.

However, supply pressures have tempered price growth.

The market has seen an influx of properties, including former rental units and second homes, which has helped balance rising demand.

Estate agents currently hold an average of 34 unsold properties, up from 28 before the pandemic.

The Midlands, northern England, Scotland, and Wales are expected to outperform the UK average in house price growth next year, according to Zoopla.

Meanwhile, southern England faces slower growth due to heightened affordability challenges, particularly in London and surrounding areas.

First-time buyers in the spotlight

First-time buyers remain a vital segment of the market, but they face mounting challenges as affordability pressures grow.

Zoopla noted that demand among first-time buyers surged in the wake of the budget, with interest in London up 31% compared to last year.

Donnell stressed the need for support for existing homeowners looking to relocate. “Higher incomes and lower mortgage rates have reset housing affordability faster than anticipated,” he said.

“While this has driven sales and price growth, many existing homeowners are having to explore new areas for better value.”

The post UK home sales and prices set to soar ahead of April stamp duty changes appeared first on Invezz

Previous Post

JPMorgan is bullish on European hotel stocks, upgrades 2 names

Next Post

It’s not just Tesla: self-driving regulations boost Uber stock too

admin

admin

Next Post
It’s not just Tesla: self-driving regulations boost Uber stock too

It’s not just Tesla: self-driving regulations boost Uber stock too

Trending News

Why are credits scores falling in America? WalletHub unveils new data

Why are credits scores falling in America? WalletHub unveils new data

January 10, 2025
Mubadala Capital set to acquire CI Financial in $4.7 billion deal

Mubadala Capital set to acquire CI Financial in $4.7 billion deal

November 25, 2024
Intel stock dubbed ‘dead money’, analyst reveals a ‘viable path forward for INTC

Intel stock dubbed ‘dead money’, analyst reveals a ‘viable path forward for INTC

May 31, 2025
Subscribe to Insightful Word


    Recent News

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    June 5, 2025
    Ripple releases $2.18B in XRP, price dips 2%

    Ripple releases $2.18B in XRP, price dips 2%

    June 5, 2025
    Nintendo Switch 2 launch sees shortages as 2.2M vie for units in Japan

    Nintendo Switch 2 launch sees shortages as 2.2M vie for units in Japan

    June 5, 2025
    Why Bank of America sees 13% upside on Roblox (RBLX)

    Why Bank of America sees 13% upside on Roblox (RBLX)

    June 5, 2025

    Recent News

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    June 5, 2025
    Ripple releases $2.18B in XRP, price dips 2%

    Ripple releases $2.18B in XRP, price dips 2%

    June 5, 2025

    Latest News

    • ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant
    • Ripple releases $2.18B in XRP, price dips 2%
    • Nintendo Switch 2 launch sees shortages as 2.2M vie for units in Japan

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.