Despite ongoing headwinds in the property market, there’s a theme of stock surges and boosts to property market confidence this month.
In case you haven’t been keeping abreast of the latest industry developments, Holmfirth estate agents, Applegate Properties, has a ready-made round-up for you.
Just keep scrolling…
‘Green’ mortgage discounts could help encourage upgrades
Research from retail banking organisation, Shawbrook, suggests that discounts on energy efficient properties could be key to spearheading change in the sustainable energy space. In particular, it could prove the crucial step to encourage landlords to make the upgrades required to achieve an energy performance certificate (EPC) rating of C or above.
Under current government proposals, buy-to-let properties will need to have this rating in order to be rented out to new tenants by 2025 – with the expectation to be extended to all tenancies by 2030.
And while the need to prioritise energy efficiency improvements is evident across the industry, the cost to do so is one of the largest factors hindering progress – with 41% keen to see the introduction of EPC-related mortgage discounts as an incentive.
Reports reveal a sharp jump in sales stock
It’s no secret that the housing market has experienced an imbalance of demand versus supply over the past 18 months. But new figures from Propertymark revealing that agents have an average of 50% more properties on the books, compared to March 2021.
This stock replenishment is excellent news for buyers who have been scoping the market unsuccessfully for their perfect home. To maintain such momentum, particularly against the current economic backdrop, it’s important that sellers are realistic about the prices they may wish to achieve – although, with the average vendor moving every 20 years or so, significant lifts in value are still expected.
Government offers support for households to ease cost of living
Households on means tested benefits – including Universal Credit, Pension Credit and Tax Credits – will receive a payment of £650 this year, paid automatically in two instalments. This is in addition to the £400 discount on energy bills.
But that’s not all. The UK Government also has a host of other schemes available for eligible candidates to further alleviate pressures, amidst the cost of living crisis – including a disability payment, household support fund for vulnerable people, and cheaper phone and broadband tariffs.
It’s worth exploring the various criteria listed on their website, to see if you qualify for any extra financial help within your home.
Mini-Budget reversal brings stability to the housing market
In an attempt to calm rattled markets, the new Chancellor, Jeremy Hunt, recently axed the majority of tax cuts from the mini-Budget – a growth plan presented in September and designed to boost economic growth.
But with stamp duty changes remaining intact, no fees will need to be paid on the first £250,000 of a property, or up to £425,000 for first time buyers. This news should be a boost to property market confidence – stimulating buyer demand and overall market health, as well as demonstrating positive signs of good things to come.
That’s all for October! Don’t forget to check in next month, for the latest developments to planning and policy, as well as the latest trends disrupting the market.
If you’d like to discuss anything further detailed in this article, please get in touch.
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