This week was all about the stamp duty deadline, who made it, who didn’t, and how the market would react post holiday. First-time buyers, buy-to-let investors, and second-home owners had their solicitors on speed dial, to ensure they were at the forefront of their mind, prioritising their deal to get it across the line in time. As with any break, returning to the status quo can take some adjustment. Many buyers and sellers are treading water in the hope of an extra rate boost in May, which looks more probable now Trump has gassed out the global economy. As stock levels, post Easter further increase the market will normalise bringing with it increased engagement. Others however are capitalising on this lull to make their move. Welcome to another UK Property News Recap – 03.04.2025.
Renters’ Bill Revolt
The week kicked off with the revelation that Jane Scott, the shadow housing minister, had hosted a coop with some of the largest landlords and estate agents, to brainstorm ways to delay or stop the renters’ bill altogether. Ideas included: challenging it in the courts and delaying it with repeated rounds of Lords amendments. Clearly, she’s not one to bow out gracefully, instead opting for disgracefully.
Country Garden sales wilt
The chinese based developer, Country garden, struggled for a fourth year to make their property sales bloom as buyers continued to steer clear of the debt riddled developer, resulting in a 37% fall in annual revenue.
Cladding fund fix would enable a further 90,000 affordable homes
Councils who have been given new home targets to hit, are asking for cladding remedial funds to be diverted to building new homes instead to boost affordable numbers. This won’t sit well with members of their constituencies currently wrapped in flammable cladding.
Buy-to-let stamp duty rush
In a rush to avoid paying the additional surcharge on second homes that came into force yesterday. Q4 2024 saw the buy-to-let market get a 39.2% boost to its numbers, worth £9.6 billion, compared with the same quarter in the previous year. Interestingly, non portfolio buyers took the lead opting for purpose built flats over new builds and HMO’s.
At the same time, buy-to-let mortgages in arrears greater than 2.5 per cent of the outstanding balance, fell by 7%, when compared against the same quarter in 2023.
Meanwhile, mortgage possessions taken in Q4 2024 remained unchanged from the previous quarter at 700, but an increase of 29.6 per cent on the same quarter a year previously.
Travis Perkins end of year results take a hammering
Travis Perkins found its revenue sanded down by 4.7% as a result of price deflation and lower trading volumes. As a result, the group’s full year adjusted operating profit fell from £198m in 2023 to £152m in 2024.
Nationwide HPI March 2025
According to Nationwide HPI, annual UK House price growth remained stable in March 2025 at 3.9%. Northern Ireland continued to push boundaries while London made slow progress against the weight of historic price rises. Moving through the year, expectations are for a post holiday slump before picking up as the weather improves.
Rightmove rate update
Rightmove mortgage rate summary showed that the most favourable rates continue to favour the deposit heavy but remain punchy for those light on funds. Moving forward, rate change looks sluggish in the short term before potentially picking up in time for summer, when everyone is typically away.
Dexters acquires Keatons
Dexters consumes another independent agency increasing its presence in London. The 30 year old Estate Agency, Keatons, this week joined Dexters corporate ranks, bringing with it 90 new colleagues to join Dexters’ existing 2,500 strong squad across the capital. Shine those shoes guys….
Mortgage approval numbers increase depending on the seasons
Non seasonally adjusted figures showed the number of mortgage approvals grew in February. Following the same trend as last year when numbers were down in December and January before picking up again in February. Seasonally adjusted figures paint a more subdued picture but the numbers don’t lie.
Glenigan’s construction index for April shows a market rained off
The April edition of Glenigan’s construction index showed the first three months of the year proved tricky for the construction industry with residential housing experiencing significant declines. Both private and social housing projects were down 12% and civil engineering civil engineering projects, a massive 28% compared to the previous quarter. Industry projects also declined 28% and office construction 8%. The only non-residential construction sector to get a lift was community and amenity projects which got a 5% boost.
S&P Global Construction Index March 2025
The construction industry continued to struggle with weak demand, leading to job losses as output fell for the third consecutive month. The civil engineering and commercial sectors were the hardest hit in March, while the decline in residential construction slowed compared to February.
And that concludes another UK Property News Recap – 04.04.2025. If you have any comments or suggestions, please get in touch.
