A new Prime Minister has naturally sparked plenty of conversation about what could happen next for the UK property market.
Stamp duty, council tax and wider housing policy have all been mentioned and it’s understandable that buyers and homeowners are asking what it could mean for them.
Though, of course, it’s worth remembering there’s a big difference between ideas that are discussed and policies that are eventually introduced.
Stamp Duty in particular is a really regressive task and we regularly have conversations with homeowners who are reluctant to move up or down the ladder due to how much this costs.
It’s time for a reform of Stamp Duty and I’m confident this will happen at some point.
But for now, Prime Minister Burnham has stated that there will be no changes at the next Budget and I think this gives us the certainty we need for now so buyers are not putting plans on ice unnecessarily.
For anyone thinking about making a move, uncertainty can make it tempting to put plans on hold. The reality is that there will always be political change, economic shifts and new announcements that have the potential to influence the market.
The important thing for now is understanding what today’s market means for you, rather than trying to predict what tomorrow might bring.
If you’ve been thinking about your next move, or maybe even your first, we’d be happy to talk through your options and help you make a decision based on your circumstances, not uncertainty.
Mortgage rates have tweaked up a little recently but that’s more likely to go with global events than on a domestic level, but let’s hope the new PM has a plan to grow a UK economy which has been stagnating for far too long – we could all do with a little more positivity right now and a clearly defined vision for the future.
