On Your Doorstep AWARD-WINNING INTERIOR DESIGN
IN THE COUNTRY &TOWN Welcome to
Creating the inspiration to move
The Market
Residential Lettings
Even the mighty Rightmove has caught up with what we’ve been saying for months about a market which is on the up.
The Renters’ Rights Bill has now completed its Committee Stage in the House of Lords, leaving just the Report Stage and Third Reading before it gets Royal Assent. The bill will see fixed tenancies be replaced by periodic, new rules around pets, the establishment of a decent homes standard, as well as the elimination of Section 21 evictions. For Landlords, working with a qualified, regulated letting agent has never been more important, so for guidance and advice do make contact with McCarthy Holden’s expert letting consultants. Another aspect about being a landlord in relation to new HMRC tax law is also surfacing and we have made some initial reference to this on page 94 of this magazine Closer to home the rental market in our area of operation in Hampshire, Surrey and Berkshire remains very active with tenant demand resilient especially in the £3,000pcm to £4,500pcm market sector. As we move into the Summer of 2025, the housing market shows every indication of a lively period ahead across both house sales and rentals.
Agreed sales are now reaching a four-year high Rightmove research has revealed.Add in some more favourable mortgage conditions with the average five-year fixed mortgage rate now typically 4.61%, compared with 6.11% at the peak in July 2023 and you have the perfect incentive for buyers to become decisive. Whilst house sales are up in terms of units sold, the sold prices remain competitive and successful house sellers realise that setting the asking price realistically and competitively for the market is one way to increase the likelihood of a successful sale.
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Other Market Factors
The cost of mortgages continues to slowly fall and mortgage rates are expected to continue declining in 2025, providing some additional relief for buyers.The Bank of England Base Rate is forecast to decrease from 4.75% to around 4% by late 2025, but of course this is a forecast not a fact. In addition fixed mortgage rates are anticipated to hover between 4.0% and 4.5% for two- and five-year deals, offering improved affordability compared to previous years. Another significant factor influencing the housing market is the growing transfer of inherited wealth, as parents pass substantial assets to their children.While this trend has been underway for some time, it is becoming increasingly impactful. Unlike in the past, when such wealth transfers had limited effect on the market, they are now playing a larger role in supporting housing demand and sustaining positive market activity
John Holden - Chairman McCarthy Holden
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Published by Kilbricken Publishing and John Joe Photography Limited,Telephone: 07470 707275, email jjtopshot@outlook.com, web johnjoe.co.uk. Publishing 2022 - All rights reserved. Reproduction is forbidden except by express permission of the publishers.The content of this magazine is believed to be correct but its accuracy is not guaranteed and it does not form part of any offer or contract. John Joe Limited cannot accept responsibility for any omissions or errors.
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