7th Dec, 2018
2018 has been a year of ups and downs for the housing market, with some regions fairing better than others.
So, before we look ahead to the new year, what are the important things to remember from this year?
This year’s Autumn budget brought good news and bad. First-time buyers were told that the stamp duty exemption had been extended on their first home purchases up to £500,000. And, even better still, the Help to Buy Equity Loan scheme was also extended until 2030!
Another point was that the housing shortage had been addressed, and £2b was made available for the Affordable Homes Programme. This is certainly a step in the right direction to deliver new, well-needed properties to the market in the coming years. If you’d like to catch up on what else was discussed earlier this year, head over to our blog.
On the other hand, a final note from the announcement was that as of April 2020, lettings relief on capital gains tax (CGT) will be limited to homes where occupancy is shared between owner and tenant. This was a huge blow for those who once lived in their property and let it out at some point during their ownership.
In addition, CGT was subject to further change this year, as the HMRC have proposed that all UK resident buy-to-let house owners will have to report the disposal and pay it within 30 days of the completion of a sale. Check out our blog to find out the other changes.
It was also revealed where the cheapest places to rent in Yorkshire were – HD1, HD4, HD7, HD6, HD5 and HD3 were all areas labelled as ‘affordable’ – something to remember if you’re looking for a new property in 2019!
What’s to come in the coming 12 months?
Brexit is on everyone’s mind, and although most of us will be sick of hearing about it – it’s something that needs to be considered. The UK’s housing market was little affected by the 2016 vote to leave the EU, but the ambiguity surrounding it is weighing on the market. It is feared that there will be a drop in prices, but we’ll know for certain as 2019 unfolds.
The ongoing difficulties for people obtaining mortgages to buy a property doesn’t look set to ease off either. On the other hand, this will mean there will be strong demand for rentals, which will continue to grow in popularity – it has been predicted that the market will witness an increase of 13.7%.
Earlier this year, Yorkshire was ranked highly for affordability – particularly Huddersfield – and the demand for houses in this area doesn’t appear to be slowing, which will hopefully continue into the new year.
On the whole we feel confident about the buying and letting market next year, and we’re excited to see what is to come.
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