As we head into autumn and property market activity continues, there is a variety of promising developments emerging for landlords and residents alike.
From fresh regulations and pricing changes, to signs of a more robust and reliable supply, Holmfirth estate agent Applegate Properties has rounded up the highlights.
Here’s the latest…
Carbon monoxide alarms now mandatory in rental properties
This month, a new law regarding the requirement for carbon monoxide alarms in private rental properties was announced – set to take effect in October.
Landlords must now install systems in rooms where there are any fixed combustion appliances – such as gas and oil-fired boilers – and ensure these are in proper working order at the start of each tenancy. If reasonable action isn’t taken to repair or replace any faulty alarms, they face fines of up to £5,000 per breach.
Known as the ‘silent killer’ for its lack of colour, odour, taste, and irritation caused, this regulation to protect against carbon monoxide poisoning is welcome news for the industry. If landlords haven’t already, it’s important to digest the changes and comply without haste.
Stamp duty cuts made for home buyers
The level at which stamp duty kicks in has been doubled to £250,000 for home movers and £425,000 for first-time buyers – enabling savings of up to £2,500 and £11,250 respectively.
The changes came into force from midnight on Friday 23 September in England and Northern Ireland, and may boost momentum in the property market and support first-time buyers to put down roots.
Our Holmfirth estate agent team at Applegate Properties has been receiving an influx of enquiries about the update, and continues to be available to offer support.
Energy prices will be frozen until October 2024
To protect people from spiralling energy costs, the government announced that the combined gas and electricity bill for the typical household will be held at £2,500 per year until October 2024.
With inflation previously set to rise to as much as 22% next year if steps were not taken to tackle the energy crisis, this freeze is good news for the housing market – offering a sense of relief for homeowners worried about how they will pay their bills, and cooling overall demand for property, too.
Signs suggest that the market is rebalancing
Despite the ongoing narrative surrounding the cost-of-living crisis and various other headwinds, 73% of active buyers in August remained confident that they would purchase a property within the next three months – according to the latest OnTheMarket Property Sentiment Index.
Not only this, but the numbers also remain particularly strong during what is typically a slow transactional period – with 54% of properties Sold Subject to Contract (SSTC) within 30 days of being advertised for sale.
That’s a wrap on this month’s news round-up! We’ll be back next month to serve more insight as it unfolds.