Here, Durden and Hunt co-founder James Hunt reflects on 2024 and looks ahead to 2025.
Its hard to believe we’ve come to the end of the 2024, what a year it has been.
When we look back its been a time of change with quite clearly the biggest adjustment being the UK electing a Labour government for the first time in 14 years. Although I’m sure running the country is a complex and complicated task, with many reforms to come, we’ve already seen some swift changes and I’d be remiss not to reflect on the Autumn budget as we think back over the year and look ahead into 2025.
The increase to stamp duty for those with second homes, and the decision to not extend the current relief for first time buyers, due to finish in Spring 2025, has been much discussed within the property industry and how it might impact the market. Its likely this will give some prospective purchasers, particularly landlords, a cause to pause on their immediate plans and consider their options however as with most regulatory changes in the long run these fees will become part of the process and accepted costs.
Lets not forget there are some positive signs within the housing market such as the Base Rate being cut to 4.75% on 7 November, after being held at 5% since August. This follows inflation falling to 1.7%, and below the Bank of England’s 2% target.* Although it is difficult to predict how this will impact mortgages we would expect it to help keep rates competitive and it’s something we’ll be sure to keep an eye on.
Additionally house prices have shown signs of rising across the country this year and Zoopla further estimates that 26% more homes (than a year ago) have a sale agreed and are working their way through the buying process towards completion.
If you’re thinking about what the new year could mean for your own property plans feel free to reach out to myself or my team for a no obligation chat to help better understand your options.
Written by James Hunt, Durden and Hunt co-founder
Colchester Estate Agents, Loughton Estate Agents, Wanstead Estate Agents, Ongar Estate Agents, Hornchurch Estate Agents
