The UK’s November 2024 Autumn budget has introduced new measures that could shape the housing market, from stamp duty adjustments to affordable housing initiatives. These changes are expected to influence house prices in various ways, with some effects being more immediate than others. Ashton White, Essex’s leading property specialists, is here to ensure you stay ahead of these trends, providing expert advice tailored to your property goals.
Key Budget Measures and Their Effects
Stamp Duty and Housing Supply
The budget introduced targeted reductions in Stamp Duty Land Tax (SDLT) for first-time buyers and regional purchases, aimed at improving accessibility to property ownership. Alongside these changes, higher rates for additional dwellings and company purchases will rise from 3% to 5%, and from 15% to 17% for properties over £500,000, effective 31 October 2024. These adjustments seek to balance demand by curbing speculative buying while supporting affordability and regional investment.
With increased funding for new developments, a growing housing supply is expected to help stabilise prices over time. At Ashton White, we closely track these changes, providing expert advice to guide clients through this shifting market.
Mortgage Rules and Interest Rates
Government-backed loan schemes have been expanded, improving access to mortgages for first-time buyers and movers. However, potential interest rate increases might offset this, limiting purchasing power. Ashton White’s experts are on hand to help you assess how these changes could impact your budget and long-term property plans.
How Ashton White Can Help
As market leading, estate agents in Billericay Essex, Ashton White ensures you’re always prepared for the property landscape’s ups and downs. Whether you’re buying, selling, or investing, our deep knowledge of both regional and national trends allows us to provide personalised advice that keeps you ahead.
Contact us today to discuss how the latest budget might influence your property journey and discover how we can help you achieve your goals in this evolving market.
