Spring Property News General Update
As we head towards the summer months and hopefully more sunshine, we can take some optimism and reassurance that the rate of inflation has fallen to 2.3%, which is the lowest rate in almost three years. The International Monetary Fund (IMF) has suggested there is potential for the Bank of England to cut interests rates from the current level of 5.25% to 3.5% by the end of 2025, it has also upgraded the UK’s growth forecast for this fiscal year.
Experts largely expect a rise in house prices across England of up to 3%, although more muted growth is anticipated in the capital. Locally, whilst house prices had fallen during 2023, have been stable during the first quarter of 2024.
The next general election has been announced to take place on 4th July 2024, many buyers and sellers alike have asked questions along the lines of ‘What does it mean for us when selling our home?’. Frankly, if you wish to move and you find a suitable house that is affordable for you in the long term, there is never a perfect time. The rates may drop a little, but the house you want to buy may not be available.
The Leasehold and Freehold Reform Bill was the last bill to be passed by Parliament before closing prior to the General Election. The bill itself will introduce a ban on leasehold houses and ensure that leasehold charges are more transparent; leaseholders looking to extend their leases will potentially save thousands of pounds in fees. Unfortunately, there was insufficient time to introduce a cap on existing ground rent charges, which leaves the door open for the potential for further legislative policies to be implemented in future.
Local areas to our office include; Hamble, Netley, Bursledon, Warsash, Swanwick, Sarisbury Green and Park Gate. Each location has their own benefits and generally most of the local community can commute easily for work and have the bonus of the most beautiful scenic areas to explore on their doorstep. For those with a particular interest in water sports, especially sailing, there are wonderful communities in all the villages located on the banks of the River Hamble.
Here at Manns & Manns we are pleased to report an increase in the number of viewing enquiries for Hamble following the unanimous vote from Hampshire County Council’s Planning Committee to refuse Cemex’s application to extract quarter of a million tonnes of sand and gravel annually from Hamble Airfield. Local residents are overjoyed by the decision, which has removed the uncertainty surrounding the local housing market since plans were submitted in late 2021.
It is also lovely to see more beautiful homes becoming available in our local area with Manns & Manns, especially Bursledon, Hamble and Netley. These range from first time buys to arguably some of the most prestigious homes on the South Coast.
To browse our lovely homes please search here.
We look forward to hearing from anyone wishing to arrange a free, no obligation market appraisal with one of our experts. Call us today on 02380 404055 or visit our website. Potential sellers can click on the link here for an instant online valuation.