Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

One-third of homes for sale now chain-free as tax fears loom ahead of budget

by October 4, 2024
October 4, 2024

One-third of homes currently for sale in the UK are chain-free, as landlords and second-homeowners rush to sell amid speculation over potential capital gains tax increases in the forthcoming Budget.

According to Zoopla, the property search website, the number of agreed house sales has risen by 25% compared to this time last year, driven in part by an influx of new listings.

The increase in sales activity is also being supported by more homeowners coming to market after delaying their moves over the past two years. Falling mortgage rates are encouraging more movement, with the average rate for a five-year, 75% loan-to-value mortgage now at 4.3%, its lowest level since May 2023, down from 5.5% a year ago, according to the Bank of England.

However, a significant proportion of the new listings are from landlords and second-homeowners seeking to offload properties due to rising buy-to-let mortgage rates and the looming prospect of tax changes. Zoopla’s data shows that in London, two- and three-bedroom houses are most likely to be chain-free, often signalling that they were previously rented or second homes. Outside the capital, one- and two-bedroom flats dominate the chain-free market.

Approximately 13% of all homes currently listed were previously rented, as landlords look to sell before potential tax changes take effect. It is widely expected that the government will increase capital gains tax on residential property in its first Budget at the end of this month, potentially raising the rate from the current 18% basic level.

Additionally, many local councils plan to double council tax for second homes next year, leading to a surge of properties being listed in coastal areas. Truro, Torquay, Exeter, and Bournemouth have all seen a 40% increase in the number of homes for sale over the past year as second-homeowners look to offload their properties.

Richard Donnell, executive director at Zoopla, commented on the trend, noting that the combination of tax speculation and previous changes has resulted in an expanded housing supply. “More supply delivers much greater choice for buyers and will keep house price inflation in check into 2025,” Donnell said.

Zoopla’s data suggests that UK house prices have risen by just 0.7% over the past year, much lower than the 3.2% growth recorded by Nationwide. This discrepancy partly stems from a sharper drop in prices recorded by Nationwide last summer.

However, house prices are now lower than they were a year ago in regions like the South West, South East, and East of England, where affordability continues to be a challenge. In contrast, prices in Northern Ireland have surged by 5.7% over the past 12 months, with northwest England also seeing growth at 2.1%.

Looking ahead, Zoopla anticipates that house prices will continue to rise, but at a modest pace due to the growing supply of homes on the market.

Read more:
One-third of homes for sale now chain-free as tax fears loom ahead of budget

0
FacebookTwitterGoogle +Pinterest
previous post
Pink Floyd sells catalogue to Sony Music for $400M after years of legal battles
next post
Canary Wharf introduces eels and songbirds to boost appeal amid office exodus

You may also like

Brexit progress boosts hopes of Northern Ireland deal

January 10, 2023

City centres see boost as footfall bounces back...

February 14, 2023

Navigating the Legality of Binary Options Trading Around...

October 23, 2023

When Is the Best Time to Launch Products...

April 26, 2025

Covid gains fade for small investors

October 17, 2022

HMRC has not charged a single company over...

January 22, 2024

Exploring the World of Custom Hats: A Guide...

January 3, 2025

Amazon pledges $4bn to Anthropic in race for...

September 25, 2023

Small business debt load doubles since pandemic, hampering...

May 19, 2025

Sunak says no to tax cuts before next...

July 12, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Harmony Squad: Supreme Court Issues Six Unanimous Decisions

      June 5, 2025
    • Quick Login to AmourFactory: A Beginner’s Guide

      June 5, 2025
    • Disabling Trump’s “Tariff Button”

      June 5, 2025
    • ‘Sick puppy’ Tim Walz should never have been on Dems’ 2024 ticket, Trump says

      June 5, 2025
    • Federal judge orders Trump to restore funding to Clinton-era agency gutted by DOGE

      June 5, 2025
    • Musk says Trump would have lost 2024 election without him as ‘Big Beautiful Bill’ feud continues

      June 5, 2025

    Categories

    • Business (8,149)
    • Investing (2,011)
    • Politics (15,535)
    • Stocks (3,128)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved