The latest figures published by Nationwide show that as of October 2024, property prices in the UK rose by 3.2% compared to a year ago.
The regional breakdown shows there to be a north-south divide in the numbers, with London and the South-East not performing as well, although from a 0.5% drop in September 2024, October saw London rally to a 2% growth on the previous year. London property prices have struggled overall lately, with September seeing drops of over 7% in some boroughs.
Havering prices strong
However, Havering is bucking the trend with prices rising by 2.9% in September compared to the previous year. This is no doubt helped by our green spaces, shopping and leisure facilities, high performing schools, and most recently the opening of the Elizabeth Line, which has seen the borough gaining in popularity with buyers. Added to this, Havering is one of cheapest London boroughs in which to buy.
With the recent Bank of England interest rate cut and inflation at lower levels compared to the previous two years, it seems that now is a good time if you are looking to buy or sell property in Havering. An even bigger incentive for those looking to buy, is the upcoming changes to Stamp Duty thresholds in April 2025.
Move quick to beat the Stamp Duty hikes
In Labour’s recent Budget, it was announced that the temporary Stamp Duty threshold increases (introduced in 2022) would revert to previous levels. So for those moving home, you’ll have to pay Stamp Duty on purchases over £125,000 (reduced from £250,000) and for those buying their first property, the nil rate threshold comes down from £425,000 to £300,000.
This means if you’re moving home and your new property costs £500,000, you’ll currently pay £12,500 but in April 2025 this rises to £15,000, representing a 20% hike.
If you’re a first-time buyer, the time really is now. If you are buying a property for £500,000 the Stamp Duty you’d currently pay is £3,750. Fast forward to April 2025 and this rises to £10,000 which means an eye watering 167% increase.
For those looking at selling their home, predictions are that interest rates will remain relatively static next year so we may see continue to see an upward trend in demand and property prices. Therefore as above, we see now as a great time to sell and thereby take advantage of the buoyancy in the market .
To discuss any of the above and what it means to you – both as a buyer or seller – simply get in touch and we’ll be happy to take you through everything.