As we close the chapter on 2023, a year that has been marked by considerable change and adaptability, the property market in Reading and the broader Berkshire area has navigated through a mix of challenges and opportunities.
The sales market has witnessed fluctuations, while the lettings market faced significant regulatory shifts. Uncertainty over government plans for the Private Rented Sector, notably the introduction of the controversial Renters Reform Bill to parliament in May, has cast a shadow of confusion over the industry. The subsequent pause in September on plans to introduce tougher Minimum Energy Efficiency Standards for rented homes left many landlords in a difficult position. Some had already invested heavily in property upgrades, while others, daunted by the anticipated costs, chose to exit the market. Furthermore, the reduction in capital gains tax (CGT) allowances from April 2023, which more than halved from £12,300 to £6,000, and the planned further reduction to £3,000 from April 2024, have heightened the financial implications for landlords contemplating property sales. These regulatory changes and financial adjustments have significantly influenced both the sales and lettings markets, shaping the decisions of buyers, sellers, landlords, and tenants alike.
Throughout 2023, the property market experienced:
Despite these financial milestones impacting decision-making for buyers and sellers alike, the emergence of attractive mortgage deals in recent months heralds a more positive outlook for 2024, particularly for those with substantial down payments. For expert mortgage advice, consult our WhiteKnights Mortgage Specialists here.
As we step into 2024, the property market, especially in sales, is poised for an exciting start. The post-Boxing Day period has historically been a catalyst for increased property activity, a trend we anticipate will continue. This period is not just a national phenomenon but is especially significant in Reading and Berkshire. The early months of 2024 are expected to witness a surge in demand, presenting ideal opportunities for both buyers and sellers.
At WhiteKnights, we are committed to guiding you through the nuances of the local property market. Whether you are planning to sell, buy, or rent, our experienced team is here to assist you in realising your property goals.
Let 2024 be the year of successful property transitions and new beginnings. Reach out to discuss your plans and discover how we can support your journey in the property market.
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