Weekly Property News Round Up – 02.11.24

Welcome to this week’s edition of Property News Weekly, where we bring you the latest updates shaping the property landscape.

This week in property news, market trends reveal subtle shifts that could shape early 2024. House price growth has slowed, but with policy changes on the horizon, a surge in transactions may be just around the corner.

Meanwhile, the latest Autumn Budget delivered an unexpected adjustment to the second home surcharge, a move likely to impact both buyers and investors. In a bold approach to the economy, Chancellor Rachel Reeves also outlined tax increases set to influence various sectors, with inflation projections hinting at future stability. Explore below to dive deeper into these developments.

If you would like to speak to our experts for some industry insight on these important questions and discover the strategic opportunities this evolving market has to offer, reply to this article today.

Now, let’s have a look at the latest headlines that have caught our eye this week…

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Property News this Week:

House Price Growth Slows But It Will Soon Change

The growth in UK house prices slowed unexpectedly last month, Nationwide said, as it warned buyers to expect a rush in transactions early next year sparked by changes to stamp duty rules in the budget. The building society’s monthly index showed that annual house prices grew at a rate of 2.4% in October, a slowdown from the near two-year high of 3.2% recorded in September.

Impact of Second Home Surcharge

Yesterday’s Autumn Budget provided a surprise 2% increase in the UK’s second home surcharge, from 3% to 5%, heralded by the Chancellor as a further disincentive to second home ownership, thereby increasing opportunities for people who wish to buy their own home. As such, David Hannah, Group Chairman of Cornerstone Tax, analyses the outcomes of the tax reform.

Property Industry Reacts to Labour’s 2024 Budget

Chancellor Rachel Reeves’ Budget statement this afternoon highlighted tax hikes for both working individuals and British businesses. She told the Commons that the Budget will raise taxes by £40bn with an approach that she believes will achieve growth in the near future. Reeves shared projections from the OBR, which said CPI inflation will average 2.5% this year, 2.6% in 2025, then 2.3% in 2026, 2.1% in 2027, 2.1% in 2028 and 2.0% in 2029.

If you haven’t seen it yet, take a look at my quick insights on Rachel Reeves’ Budget in the video below:

That concludes this week’s updates. If you have any thoughts or questions about these headlines, feel free to reply—I’d love to chat with you about the latest market trends and discuss your investment goals.

I’ll be back next week with more insights on the property market. Enjoy your weekend!

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Looking for more property investment advice?

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