Autumn Budget 2024 - Richard Kendall Estate Agents

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What Does the Autumn Budget Mean for the Housing Market?

Chancellor Rachel Reeves has announced the Autumn Budget, marking the first Labour Budget in 14 years (and the first woman to ever deliver a budget in the UK).

With the ongoing cost of living pressures, many were closely watching this Budget yesterday. Below we summarise the key points that we feel our relevant to the property market.

* The Budget included a £5 billion investment in Labour’s housing plan, with £500 million going to the Affordable Homes Programme.

* The government will also invest £25 million to build 3,000 energy-efficient homes across the country, with a target for all of them to be affordable.

* The Capital Gains Tax on residential property stays the same.

* Additionally, the government will work with the mortgage industry to make the Mortgage Guarantee Scheme, which helps with loans that cover 95% of a property’s value, permanently available.

Changes to Stamp Duty

There was no mention of extending the current stamp duty relief for first time buyers, which ends in March 2025, however for second homes, such as rental properties and holiday homes, the stamp duty surcharge will increase from 3% to 5% starting 31 October 2024 (today!)

Capital Gains Tax Unchanged

Before the Budget, some landlords were selling rental properties due to talk of a potential rise in Capital Gains Tax. This tax applies to the profit made from selling assets like rental homes (it is important to note that it does not apply to the whole sale price of the property). Today’s Budget confirmed the tax rate for residential properties will remain the same, which is a relief for all second home owners as previous talk had indicated a significant rise.

Mortgage Market

The chancellor has focused her sights on the mortgage industry to make permanent the Mortgage Guarantee Scheme. Whilst mortgage rates remain relatively high, over the last 12 months they slowly been reducing by up to 1% which has ultimately had a positive impact of the market. Following the budget, we do expect this trend will continue over the months to come, especially if the Bank of England decide to reduce the interest rates in the coming weeks.

If you are thinking of moving and would like to know how much your home is worth, then telephone any of our local offices to arrange your FREE market appraisal. We can also help you with your budget planning if you are thinking of buying a new home, re-mortgaging or considering a buy-to-let property.

For all your property requirements, think of the Richard Kendall way.

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A BEAUTIFULLY PRESENTED three bedroom detached home with conservatory and OPEN FIELD VIEWS. VIRTUAL TOUR AVAILABLE. EPC rating D65.

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A semi detached dormer bungalow with THREE GOOD SIZE BEDROOMS, gardens to the front and rear, downstairs shower room and block paved OFF ROAD PARKING.Awaiting EPC rating

St Johns Court, St Johns

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UnfurnishedA well presented and newly decorated three bedroom duplex apartment located in the sought after area of St John's within walking distance of Wakefield city centre and Westgate train station and with good access to both the M1 and M62 motorways. Pinderfields hospital is approximately a 20 (...)

Fantastic service Very productive in a market that is difficult and stressful. Helpful and always keeping you up to date with great advice in the process. John 09/06/2025

Wonderful, friendly service from Francesca and the team. Thankyou for making the whole experience from viewing to signing up and getting the keys a 5 Star service. Susan 09/06/2025

Both Donna & Joanne did a wonderful job for me & kept me informed every step of the way. Thank you both. Marilyn 09/06/2025

Roger Hall visited us and gave us a valuation in October, after reviewing other estate agents we agreed to go ahead with Richard Kendall a week later. In the space of just 15 days we had an offer we had accepted on our property. We were buying a new build property with a long lead time (6 months), and Richard Kendall were fantastic in ensuring our prospective buyers (and anyone else in the chain) knew of the situation. I can't fault the speed or communication of the team, particularly Karen Dawson who helped us at every step. Andrew 09/06/2025

Excellent service and very professional. Mandy kept me informed and was very helpful throughout my sale with regular updates , always very happy and honest and it was a pleasure to have Mandy as my negotiator . I will definitely recommend Richard Kendall. David 09/06/2025

We’ve just sold a property with Richard Kendall and couldn’t be happier with the excellent service received from Lucy and the team. Their professionalism and communication throughout was spot on and made the whole process much less stressful. We were also really impressed with their marketing of the property which resulted in lots of viewings, offers and the sale price we wanted. We actually moved to Richard Kendall from another local agent and couldn’t believe the difference in all aspects of the process. Brilliant from start to finish, can’t recommend Lucy and the team highly enough. Lydia 09/06/2025

The entire process of selling my parents' property during a difficult time was handled with exemplary care and professionalism. Amanda and the team at the Wakefield office were fantastic throughout. Their attention to detail, clear communication, and supportive approach made a challenging situation much easier to navigate. Special thanks again to Amanda, Andy and Donna for their invaluable input and assistance. Their expertise and dedication truly stood out. I highly recommend this team for anyone seeking a smooth and supportive property sale experience. Ben 09/06/2025

We sold out flat through Richard Kendall, working mainly with Karen Marijewko and we could not have had a better experience than we did. Karen kept in touch through the full process without any prompting required, she was so supportive and helpful! We really couldn’t have asked for more from the agency in general but especially from Karen. The process wasn’t the smoothest but Karen helped move it along and always kept us in mind to get us the best experience, we are so grateful for everything Karen has done for us! Sarah & Warren 09/06/2025

The support that Liz from the Wakefield office, gave at this time is unmeasurable. Many thanks for going above and beyond and endeavouring to get our sale over the line. Ricahrd 09/06/2025

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If you are looking to buy, sell or let a property in Wakefield and surrounding areas or would like a FREE property valuation, contact us via the details below and a member of our team will be in touch.

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