With the Autumn Budget now unveiled, the property market has some much-needed clarity as we move towards the end of the year and into 2025. October has brought its own mix of highs and lows, but now, with the budget behind us, let’s unpack October’s key developments and explore what the rest of 2024 could bring.
The current landscape
This month, Managing Director at Jacobs Steel, Pat Barton, gives us his insights on what’s been happening in the local property sales market throughout October. Here’s what he had to say:
“There has been a noticeable decrease in the number of properties coming onto the market in the run up to the Autumn Budget. This is likely due to sellers holding off until they had more clarity on potential policy changes.
Despite this, sales this month have seen an uptick compared to September, showing that demand remains strong. New buyer interest has been high, with November shaping up to be an active month as the Autumn Budget is behind us and people continue to search for their next home.
Additionally, we’re seeing a backlog of sales now reaching completion, as buyers push to settle into their new homes before Christmas. This trend is driving a steady pace of activity, making for a busy and productive lead-up to Christmas.”
Mortgages
The current Bank of England base rate is 5.00% as of 30th October 2024. The next base rate review is on 7th November 2024.
As of 30th October 2024, the current average mortgage rates are shown below (sourced from (https://www.uswitch.com/mortgages/) but we would also recommend speaking with an independent mortgage broker before committing to a product.
Rental market review
Ollie Whiting (MARLA), Lettings Manager at Jacobs Steel shares his thoughts on the October lettings market:
“Historically as the peak summer months come to a close and Autumn makes an appearance, the rental market starts to take a steady dip as we approach winter, which is certainly not the case this year with October continuing in the same vein as the levels we were seeing during the peak summer months.
October has continued to see a consistent level of new properties entering the market, with a constant high level of demand from renters, which spells good news for landlords & tenants alike.”
Commercial market review
Leigh Doherty, Commercial Manager, has an in-depth understanding of the commercial property market. Here’s what he had to say:
“Strange to think we have now entered Q4, and so far, the year has been extremely busy, and October is no different. We have agreed a number of new sales and lettings, which should lead to a very strong last quarter.
Obviously, the budget has a slight impact on the market, but I hope it will provide more confidence to boost the commercial industry in the run up to Christmas. We have been valuing some very interesting buildings and land this month, and therefore provide us with the expertise to cater for all different types of commercial properties, so if you require a valuation, then do not hesitate to contact one of our commercial agency members of staff.”
The road ahead
The local property market has been a bit of a mixed bag lately, but with the Budget now behind us, there’s renewed confidence and a clearer market outlook moving forward. We also anticipate a rush to complete on sales before Christmas, along with a surge of buyers eager to finalise transactions before the Stamp Duty changes take effect next April.