JJ: Hello, I'm Jean Jameson, Chief Commercial Officer at Foxtons.
FG: I'm Fran Guiltinan, Managing Director of Property Management and Leasing.
JJ: Having just finished Treasury Minister Rachel Reeves' autumn budget announcement, I wanted to give you a quick update on what exactly is important to our real estate plans.
The most important points that may affect you are:
We all know that stamp duty is a big part of shopping in London. Although the government has not extended the stamp duty relief, there is no need to worry. If you are planning to purchase after March 2025, we can help you plan ahead.
Many of us were interested in an alternative to Help to Buy to encourage first-time buyers, in addition to stamp duty relief. No new first-time buyer schemes have been announced yet, but there are still great options out there. Our new homes team works closely with developers on alternatives such as the Own New rate reduction feature. If you're dreaming of owning your first home, we can help you find the best path forward.
FG: Landlords, you will be pleased to know that your residential property portfolio will not be affected by capital gains tax increases. Now you have one less thing to worry about.
Meanwhile, stamp duty on second homes will rise from 3% to 5%. This could mean paying a little more upfront if you're investing in a new property. However, the scale of this increase is unlikely to deter investment, especially as London property remains an incredibly solid long-term asset class.
Indeed, we are already seeing investors returning to the rental market, and this Budget announcement should give even more landlords the confidence to remain in the rental market. Sho.
Whether you're looking to expand your portfolio or optimize your existing properties, our team can help you achieve the best results. We can help you find the best new asset, set the right rent, find great tenants, and minimize vacancy.
FG: The Labor Government has recommitted to its energy targets, which will require rental properties to reach an EPC rating of C by 2030. The exact details have not been announced, so there is no need to rush to make improvements right away.
Our property management team will guide you in a timely manner as to what changes need to be made and when they need to be made. We also work with trusted contractors to find cost-effective solutions for renovations.
JJ: The government has announced significant investment plans in housing construction. There is no immediate impact on the property market, but in the future the focus on smaller private house builders and developers, as well as new brownfield regeneration funding, will help shape London's housing supply over the next few years. This will be a welcome boost for the
We are still investigating the details of today's announcement. We will keep you updated as more details become available. But here's the important thing. The real estate market is currently building strong momentum and will grow into 2025 with many opportunities in front of us.
FG: Whether you are a landlord or renter, buyer or seller, the experts at Foxtons can help you navigate these changes. Trust London's number one to deliver results when it matters most. After all, this is our best effort.
