News & Updates | Page 4 of 33

First time buyer support extended in Autumn Budget Further details have emerged from the fine print of the Autumn Budget Statement, which Chancellor Jeremy Hunt, MP, announced on 22 November 2023, with positive news for the mortgage guarantee scheme, proptech and new housing developments. The headlines from the Autumn Statement included a  long-overdue uplift in Local Housing Allowance and minimum wage rises . The Chancellor also stated that households close to new electricity infrastructure (pylons and sub-stations) will receive up to £1,000 per year off energy bills.

Inflation, interest rates, house prices down, house prices up ... the newspapers are full of column inches on Brit’s second favourite topic - the property market (the first being the weather obviously!). Those of you that read my articles on the Rugeley property market know I like to look further afield to compare the Rugeley market with the regional and national markets. The one thing that is immediately apparent is that the UK does not have one property market. House prices are up in one region of the UK, yet down in another. It is a hotchpotch patchwork (almost like a fly’s eye) of lots of small property markets all performing in different ways.   … and that made me think …

Navigating the 6 ways Parents can support their family to buy a home. Embarking on the journey of homeownership is often seen as a rite of passage, but in Rugeley, like many other places, young buyers may find it challenging without some assistance. Enter the Bank of Mum & Dad, a pivotal driver in today’s property market. The term 'Bank of Mum and Dad' encapsulates the essence of parents contributing financially to their offspring's pursuit of property ownership. This concept has seen a surge in the "Bank of Mum and Dad" (BoMaD) as they continue to play a significant role in assisting younger (and sometimes middle aged) individuals, particularly in the property market.

The Rugeley Property Market  and the importance of realistic pricing (if you want to sell) The UK's property market landscape has experienced a significant shift over the last couple of years. In October 2021, there were 424,809 properties for sale in the UK. That now stands at 664,780, a rise of 56.5%. Looking at the number of property sales in the UK in October 2021, 111,229 properties were sold subject to contract (stc). In October 2023, that figure dropped to 88,737 properties sold stc, a reduction of 20.3%. Yet, then I thought to myself, this drop in property sales could have just been an October 2023 thing, so I looked at the year to date (YTD) figures for both 2021 and 2023. Looking at the number of property sales, the number of properties sold stc by the YTD to the end of 31 st  October 2021 in the UK was 1,252,108. YTD to 31 st  October 2023, the number of property sales reached just 933,690, a reduction of 25.44%. With the number of properties coming on to the market for sale in the UK increasing, contrasted against a decline in house sales, we find ourselves in a peculiar environment regarding the property market.  

The consensus among economists and the wider public is clear: the remarkable ascent of Rugeley's property prices over the previous twelve years has reached its peak and is now starting to drift downwards. Major national publications splash headlines filled with pessimism about the UK housing market, citing issues such as buyer affordability caused by challenges with average salary growth not keeping up with inflation, higher interest rates also hitting buyer affordability, and the hangover of the pandemic making recruiting people hard work. However, these gloomy projections don't seem to resonate with the fact that Rugeley's property market activity in the past year closely mirrors that of 2017/18/19.  

The town of Rugeley has witnessed a profound transformation in its housing landscape over the last few years, and the surge in private renting has led to significant debates about the morality of the buy-to-let market. Let us look at the current statistics compared to 40 years ago to show the seismic shift. Looking at our local authority area of Cannock Chase Council.