Regulatory changes are in the driving seat
SALES
In the months leading up to Christmas, the property market was sluggish due to political uncertainty following the change in government and buyers delaying decisions ahead of the October budget.
Current transactions are aiming to complete before the stamp duty increase on April 1st, though any new offers at this stage are unlikely to meet the deadline. Despite this, the impending tax rise does not appear to be deterring buyers.
As the spring market approaches, more properties are entering the sales market and there has been a noticeable rise in viewings, driven in part by long-standing landlords exiting the buy-to-let sector due to concerns over the impact of the Renters’ Rights Bill.
Thanks to the experts for their comments:
Marco Fugaccia of Hurford Salvi Carr, www.hurford-salvi-carr.co.uk
Jack Scott at Scott City, www.scottcity.co.uk
Nicola Lee and Lindsay Lee from Nicola Lee Limited, www.nicolalee.co.uk
Glen Cook of Hamilton Brooks, www.hamiltonbrooks.co.uk
LETTINGS
Rental demand in the City remains strong, particularly among professionals, while supply remains limited. This shortage is especially evident in the Barbican, where tenants are willing to pay a premium. The impact of the anticipated Renters’ Rights Act, expected to take effect in 2025, remains to be seen. The bill is currently at the Report stage in the House of Commons, nearing its final debate. Remember that our local estate agents are well positioned to support landlords through upcoming regulatory changes.
