Published: 24/03/2025 By Alex Maile
After a cold winter, spring is running a little late this year and those blossoms are taking their time to come out. The property market, in contrast, has already come back to life and there is fresh activity across the board.However, with Stamp Duty rates changing on April 1st, things are now quietening down a little as the deadline for getting any new deals over the line has now passed.
It is first-time buyers (FTBs) that will be most affected by the changes. From April 1st, their 0% threshold will drop from £425,000 to £300,000 and FTBs will be unable to claim relief on Stamp Duty for purchases of over £500,000, down from £625,000.
For everyone else, the 0% rate will apply up to £125,000 rather than the previous £250,000, adding around £2,500 to the typical purchase price. Many buyers, though, were more concerned about the base rate coming down and what a new Government might do, and they are now getting on with their purchase plans.
As a result, the press is reporting that prices and stock levels are rising and transaction volumes are increasing.
In the lettings market, even though the average rent went up last month, the general trend is for the softening of prices with affordability stretched.
In other sector news - the Renters’ Rights Bill (RRB) is edging closer to becoming law as it makes its way through the House of Lords. It will bring some big changes with it, including the ending of both no-fault evictions and fixed-term rental contracts (ASTs). There are, though still a number of amendments being proposed but these are mostly around the details of how it all works. We will, of course, keep you up to date with any changes.
Well, that’s it from me for this month. I’ll be back in April. In the meantime, here’s hoping the sun comes out and the blossom comes with it.