What is happening in the housing market right now?

With the constant changes occurring not only in the property market, but also the economy as a whole, it is easy to become confused or unsure about what all of these new announcements and trends mean for you as somebody who is looking to move house in the near future. This is why we have created a brief summary of what’s been happening lately.

An Overview of the Property Market

Sales in 2022 remain above pre-pandemic levels, but things are now beginning to moderate. Whilst sales volumes were over 10% higher at the beginning of the year, this figure had fallen to just 3.5% higher by the summer. This is a good indication that the market as a whole is steadying, with buyer demand and house prices becoming more balanced again. A drop in house prices is undoubtedly going to be a welcome relief for those wishing to get on the property ladder.

The Mini Budget and Stamp Duty

The stamp duty tax threshold rose to £250,000 for home movers and £425,000 for first-time buyers with the announcement of the Government’s recent Mini Budget. This means that those hoping to purchase a new home are less likely to have to pay any stamp duty on it unless the property exceeds the above prices.