October’s House Price Index

The recent October 2024 Budget introduced a series of adjustments that will impact the UK housing market, especially around stamp duty and other key housing initiatives. Whether you’re planning to buy, sell, or invest in property, these changes may affect your financial decisions and property plans. Here’s a comprehensive breakdown of what you need to know and how to prepare for the evolving landscape in the housing market.

• Social housing providers to be allowed to increase rents above inflation under multi-year settlement
• Discounts for social housing tenants buying their property under the Right to Buy scheme to be reduced
• Stamp duty surcharge, paid on second home purchases in England and Northern Ireland, to go up from 3% to 5%
• Point at which house buyers start paying stamp duty on a main home to drop from £250,000 to £125,000 in April, reversing a previous tax cut
• Threshold at which first-time buyers pay the tax will also drop back, from £425,000 to £300,000
• Current affordable homes budget, which runs until 2026, boosted by £500m

These changes present new opportunities and challenges for both buyers and sellers. First-time buyers, in particular, will find more pathways into the market, and sellers should stay informed about evolving buyer incentives that might increase demand. However, buy-to-let investors will need to strategise around higher tax obligations and rental income limitations.

At Home & Manor we are here to help you navigate these shifts in the housing market. Whether you’re a buyer, seller, or investor, our experienced agents can provide the tailored advice you need to make the best property decisions. Reach out today to discuss how these budget changes may impact your property goals and how Home & Manor can help.