The Chancellor's Autumn Financial Statement - The Residential Property Market
The Chancellor’s Financial Statement was designed to steady the financial markets and restore confidence in the UK economy, at home and abroad. It is early, but initial market reaction tends to suggest that he has at least succeeded to an extent.
Jeremy Hunt has stated that he plans to keep mortgage rates down, and ensure that they become significantly lower. This is obviously an attempt to ensure continued movement in the residential property market, encouraging transactions together with all the benefits that filter therefrom across the economy as a whole.
In a further effort to stimulate the property market, he has retained the Stamp Duty cuts announced by his predecessor, and further confirmed that they will remain in place until the end of March 2025. They will then cease, but be kept under review. No Stamp Duty is to be paid on the first £250,000 of a property’s value – double the previous amount allowed. The threshold for first-time buyers was also increased from £300,000 to £425,000.
The Chancellor said, ‘This will create incentives to support the housing market by boosting transactions.’
In a budget designed to try to alleviate the economic pressures on the less wealthy, The Chancellor has been forced to increase the tax burden on the more well off.
He has therefore increased the Council Tax Band payments on properties rated Band D and below.
The cap on the level of council tax rises can now be increased to 3%, up from the current 2.99%. However, this is a smaller increase then the anticipated 5% previously predicated.
Capital Gains Tax exemption amounts will be reduced from £12,300 to £3,000 by April 2024
Top rate taxpayers will face higher bills after the threshold for the 45p rate has been lowered from £150,000 to £125,000.
The Chancellor is obviously hoping that his commitment to fiscal responsibility, the independence of the Bank of England, his full involvement of the Office for Budget Responsibility together with his clear support of the residential property market will restore stability in the markets. The initial response gives cause for cautious optimism in the residential property market.
SMOOTH MOVE – Simple steps taken in advance to prepare the way for a smooth move
Currently, in the UK, on average one in three house sales fall through. This is often due to surprises during a conveyance, and buyer fatigue at the length the process can take. There are simple steps Sellers and Buyers can take in advance to help ensure the process is as smooth as possible. The key approach is to reduce as many ‘sales irritants’ as you can and to be well prepared in advance. Unexpected matters will inevitably arise, but with plenty of preparation these will be easier to resolve.
SMOOTH MOVE – Simple steps taken in advance to prepare the way for a smooth moveThings that Go Bang in the Night – Halloween & Guy Fawkes in the Cotswolds!
The Cotswolds offer endless activities for all ages in the run up to Halloween and Bonfire Night celebrations the following weekend, from scary attractions, and pumpkin carving to big bangs, bonfires and fireworks!
Things that Go Bang in the Night – Halloween & Guy Fawkes in the Cotswolds!Cotswold Residential Market - Stow-on-the-Wold – Helen Whitfield
The residential market around Stow-on-the-Wold has been incredibly active during this current period of political uncertainty, and there have been some notable sales. Many properties are still selling privately under competitive bidding. That being said, the headline guide price needs to be realistic, and the best results are still on the turnkey properties.
Cotswold Residential Market - Stow-on-the-Wold – Helen WhitfieldBen Way, Head of Butler Sherborn Equestrian - Rounds Up the Eventing Season 2024 with Badminton Qualification
As we head into October, the 2024 eventing season is drawing to a close, with the last couple of events left to go for some of the younger horses. Many of the older horses have already started their winter holidays, where they get an eight week break out in the fields.
Ben Way, Head of Butler Sherborn Equestrian - Rounds Up the Eventing Season 2024 with Badminton Qualification