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Nick Smith BSc, partner, sales office manager from our Exeter office, takes a look at the property market and positivity in the industry as the autumn budget approaches.
The Labour Government is set to release their first budget on 30th October 2024. What exactly will be declared is unknown, but as we wait to find out the changes that may be coming to costs such as Inheritance Tax and Capital Gains Tax, there is one thing of which we are confident: The West Country will continue to be an unrivalled place to call home.
The South West, with its rich history and diverse land will always prove to be a popular place to live, even in uncertain times. Whether powerful, dramatic waves are crashing into the cliffs, or rays of sunlight are sparkling across calm waters as the sun sinks beyond the horizon, the coastline that encompasses our counties is stunning all year round. The land within the coast is varied and just as breath-taking; from lively cities to farmland, moorland and blissful villages, there is something for everyone throughout this special part of the country.
The friendly residents and genuine sense of community spirit, personified by our Stags 150-year fundraising success, provides a perfect opportunity to raise a family or retire within the region. It is also home to several respected universities, colleges, and schools, making this an appealing choice not only for families, but for students and young adults both starting and furthering their careers.
As we enter the Autumn months, the September 2024 Rightmove reports show that the number of sales is up by 27% year on year across the UK, with the number of new sellers also having increased by 14%
Land Registry statistics show that, as of July 24, average house prices in England and Wales rose by 2.2% year on year. The South West came up short of this at plus 1% with Somerset seeing the biggest rise (2.6% yoy) and Cornwall showing a negative figure of 0.2%. Our Exeter office reports an improvement in the market from July through to September with a 10% increase in viewings and an impressive 14% increase in offers. These positive statistics may be reflective of buyers waiting for the election to be over before deciding to move.
"I am delighted to say that 2024 marks the 150th anniversary for Stags and with 22 offices located across Cornwall, Devon, Somerset and Dorset Stags are perfectly placed to assist clients with all manners of property advice," says Nick Smith. Whatever the outcome of the autumn budget, Stags’ knowledgeable members of staff will be on hand to navigate any changes and advise clients in all property and agriculture matters.
If you are considering buying or selling in the West Country, it is still a good time to find out what your home is worth. Our local Stags team would be delighted to hear from you and guide you through the next steps.
