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Following today’s Budget, many homeowners are understandably wondering what it means for the property market, particularly with the proposed new mansion tax for homes valued above £2,000,000. While headlines can sound dramatic, the true impact is expected to be small.
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Durden & Hunt have been awarded Gold at The British Property Awards 2024-2025 for Lettings Agents, across the Hornchurch area.
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As the Chancellor prepares to deliver the latest Budget, the property market once again finds itself under the microscope. Yet, while the prospect of policy tweaks and headline grabbing announcements tends to shape short term sentiment, the fundamentals point to a more measured story; one of resilience and stability.
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Colchester's Mayor, Councillor Michael Lilly, and Mayoress, Alderman Lyn Barton, officially opened Durden & Hunt's new Colchester office this Saturday 18th October.
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The property market rarely stands still and the lettings sector is no exception. With the Renters Reform Bill progressing, speculation has continued to swirl around what the final version may look like and how it could reshape the relationship between landlords, tenants and agents.
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Speculation has always been part of the property conversation but this autumn it has no doubt been heightened by rumours of tax changes, the Budget being pushed back and proposed reforms. Conversations around possible adjustments to the home buying process, stamp duty, capital gains tax or landlord taxation have sparked debate, with many asking whether to wait for clarity before making a move.
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Across the market, sellers are finding that valuations can sometimes come in lower than expected. In some prime areas, these reductions have been significant, with a handful of examples falling short by large sums. While this can feel like a setback, it is also part of a normal market cycle where prices adjust to reflect current conditions.
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As we move into August, the UK property market continues to show resilience. Recently Nationwide reported annual house price growth of 2.1 percent, while average asking prices hit record highs earlier this year. In Southend-on-Sea, prices have risen by over 3 percent in the past year, and rents have climbed by nearly 7 percent (ONS). These figures highlight that while the national picture may have felt a little uncertain, many regional areas are holding firm or even gaining ground.
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Within the first year of opening on Wanstead High Street, Durden & Hunt’s Wanstead branch have been awarded the coveted Gold accolade by The British Property Awards 2025.
