It’s official! Spring has begun, daylight hours are longer, and warmer weather is steadily approaching. Plus, there’s been plenty of insight to explore in the residential property market too. Here, Holmfirth estate agent, Applegate Properties, delves deeper into the top stories from March…
What does the Spring Budget mean for the housing market?
With higher mortgage rates and cost of living pressures affecting the housing market, it was a real tonic to hear that this week’s Spring Budget had little direct impact. Stamp duty is unchanged and there are no big changes for landlords, other than a lower level of tax free gains before paying capital gains tax.
Focusing on the health of the economy and stimulating jobs, The Chancellor has encouraged as many people as possible to keep working and help fill the UK’s one million vacancies. Naturally, this will reflect on the housing market too, in time — and we look forward to seeing how the support correlates over the coming weeks and months.
Updated How to Rent Guide published by government
The Department for Levelling Up, Housing and Communities (DHLUC) has updated its How to Rent Guide this month — a checklist for renting in England, which must be issued by both letting agents and landlords to new or renewing tenants
The new version of the publication, available via the government website, includes recent legislative changes — such as new carbon monoxide and EICR requirements — as well as supports tenants with learning disabilities.
House prices edging up shows strong buyer demand
According to property website Rightmove, UK house asking prices increased by 0.8% in March, with the average price now at £353,783. The rise is attributed to the traditionally busy spring buying season — with potential buyers seeking to secure a property before the summer.
As the market recovers from an unstable end of year in 2022 and confidence continues to climb, this is very welcomed news across the sector. Those who are keen to take advantage of this growing buyer interest should seek the expertise of a specialist estate agency, who will be well versed to advise on the local market. If you’re from Holmfirth or surrounding areas, please don’t hesitate to get in touch with Applegate Properties.
That’s all for March! If you’re keen to catch next month’s must-know headlines, don’t forget to check back next month.