The latest news on the residential property market can be found here in our October Residential Property Review.
The government’s ‘mini-budget’, announced on 23rd September, caused interest rate expectations to soar, which led to lenders rapidly withdrawing products. A third of mortgage deals disappeared overnight on 27th September.
Stamp Duty is one of the few measures to have survived the mini-budget – the residential nil-rate threshold rises from £125,000 to £250,000 and for First-Time Buyers (FTBs), the nil-rate threshold has risen from £300,000 to £425,000. The maximum property price to be eligible for First Time Buyers’ Relief is now £625,000.
New legislation passed by the Scottish Parliament has frozen most rents until April 2023 in response to soaring housing costs and cost-of-living concerns.