Buying Or Selling Through The Budget? What Happens Next?

The budget was announced today (30th October 2024) by Rachel Reeves and has left many people curious as to what happens if they are currently in a property transaction. Whilst more details regarding each individual transaction will be uncovered in the coming days, we have put together some of our thoughts about how these should be dealt with by your agents.

1) Speaking to your agent : We have spoken to all our buy-to-let investment or second-home transactions already to confirm they are satisfied with the transaction. It is crucial if the buyer of your home feels uneasy, that your agent reaches out and assures them of what is happening. The increase in Stamp Duty will be made from tomorrow (31st October 2024).

We feel it will be too late, if you haven't had exchange or completion earmarked for today, for any buy-to-let transaction to beat this deadline. What is however important is communicating with your agent to check this doesn't affect your transaction.

It is our belief although Stamp Duty has increased on second homes and investment properties from tomorrow, it is still a good time to be purchasing investment properties given the rise in tenant activity, and the increase in property pricing in Folkestone, Kent and the surrounding areas.

2) Understanding the effects this has on the market: Dependent on your position, there maybe more homes now coming onto the market in the coming weeks. It is a good idea to keep your eye out on local stock-levels and see if a home you have missed out on previously has re-entered the market.

Whilst news of Stamp Duty increases could be unwelcome news for some buyers, we heard Capital Gains Tax for residential properties and buy-to-let properties will remain unchanged, which is ideal for property owners who have retained properties for many years.

We are also seeing a reiteration of the manifesto to build a further 1.5 million homes in the course of this parliament. This is welcomed by most tenants, first time buyers and those looking to step onto the property ladder.

3) Seek expert advice: They key is not to panic! As agents, we see change in legislation, regulation and finances across the housing sector regularly. We understand how confusing of the wording in these policies can be, with deadlines coming in sooner then anticipated by most.

Should you need any help negotiating the October 2024 budget, please reach out to Lee Churchyard or Matthew Pattenden for details. We can be contacted tonight on any of our social media channels or via our office number: 01303 475085. Alternatively, you can email: folkestone@match-estates.co.uk.