Published by: Alex Maile
Rachel Reeves’ budget will take place in just over a week and it will be a relief once it is finally all over.Last month, it looked like we were getting a clearer idea of what it might be in it, and then, suddenly, it is all change and the big-ticket items - tax and national insurance - are off the table. It means the Chancellor must look for revenue elsewhere and, for property, it looks like higher council bands are her most likely option.
Unsurprisingly, with all the uncertainty, people are behaving very cautiously and are delaying any big decisions, such as moving home. As a result, prices and activity have taken a bit of a dip. The major indices are still all showing month-on-month rises, but at lower levels than you would expect in what is usually a busy period.
The good news is that, if you are planning on putting a property on the market, by the time it’s ready for listing, the budget and its uncertainty will be over, and the market should have returned to something like normality.
You will still need to price competitively, though, as there is quite a lot of stock on the market at the moment.
In the rental market, the Renters’ Rights Bill has now been given Royal Assent, but things are continuing more or less as normal. It remains to be seen what its long-term effect will be, but there are no signs of a landlord exodus, with supply levels holding up well, rent rises continuing to moderate and wage rises ensuring affordability is slowly improving.
Well, that’s it from me for now, but next time I write, hopefully, we can concentrate on Christmas rather than budgets!