Home Property Mini budget tax cuts will lead to London housing market rising by 30% which will drive deals and price rises

Mini budget tax cuts will lead to London housing market rising by 30% which will drive deals and price rises

by LLP Finance Reporter
26th Sep 22 4:18 pm

DEXTERS, London’s leading independent Chartered Surveyor and Estate Agent, says that the Government’s tax cuts, including Stamp Duty, and energy bill assistance announced in the 2022 Mini-Budget will help to enhance confidence in London’s housing market and could boost deals by up to 30% over the next 12-18 months.

Andy Shepherd, CEO of DEXTERS told LondonLovesProperty.com, “DEXTERS welcome the new tax and energy bill measures announced by the UK government which we believe will help to further enhance confidence in the London housing market at all price levels.

“The changes to Stamp Duty will encourage and support first time buyers to own a home and encourage more sellers to come to the market.”

Shepherd added, “London’s residential property market has rebounded strongly since the COVID-19 pandemic, and we forecast that the latest initiatives will encourage even more people to look at buying and renting homes in the capital and give owners confidence to list their property for sale.

“The capital will see a buoyant housing market for the remainder of 2022 and into 2023. Even with increasing activity we will still remain significantly below the peak transaction levels seen between 2004 and 2007.”

As a group, DEXTERS agree sales on over £7 billion worth of property in London and the surrounding commuter region a year.

DEXTERS highlight that the London housing market continues to be strong, as evidence of this in August 2022 the group’s sales transactions were up 83% on the same month in 2021 and during August 2022 the business sold over £532 million worth of property across London for clients.

Over the last three months the business has had over 42,000 new sales and lettings registrations by customers seeking to acquire a new home in London.

During August 2022 DEXTERS saw record property enquiries and viewing numbers. DEXTERS say that the busy market is an indication that pent up demand following the COVID-10 pandemic continues, with buyers and tenants pressing on with their property moves.

Shepherd continued, “The Stamp Duty changes and the increase in threshold to £625,000 for first-time buyers announced by the Chancellor in the Mini-Budget will further assist many of them who are looking to get onto the housing ladder. Overseas students have returned to the capital in force and helped to boost the rental market.

“There is a fundamental shortage in housing stock for long-term rentals and with the increasing demand it has resulted in significant increases in rents in some local markets. Landlords continue to see London as a safe place to invest.

“However private landlords need to be incentivised to bring more long-term rental units into the market to ease the pressure on rents.”

DEXTERS, founded in 1993 and led by CEO Andy Shepherd, currently serves over 30,000 landlords and facilitates more than 28,000 property transactions across London per annum.

DEXTERS has maintained consistent growth, increasing revenue at 15% per year over the last 10 years. DEXTERS has a consistent track-record of providing first class service with its many tens of thousands of Google reviews with an average rating of 4.9 out of 5.

For further information on DEXTERS visit: www.dexters.co.uk

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