By Steve Cook – Partner Clarke Gammon
The Local Property Market Update July 2024
As the dust slowly settles on the 4th of July General Election results across Surrey and Hampshire, with a sizable chunk of the Conservative ‘Blue Wall’ having been removed by the election Liberal Democrats to key Surrey seats, significantly Zoe Franklin in Guildford, with over 30% of the vote.
Although Jeremy Hunt managed to narrowly hold Godalming and Ash with a majority of just 861 votes and Greg Stafford also just won Farnham and Bordon by 1,349 votes, the Tory stronghold across our region has been considerably reduced. With the Lib Dems winning a total of 6 seats from the Tories in Surrey, Surrey Heath for example, was won by a non-Tory for the first time ever, won by Liberal Democrat Al Pikerton with over 44% of the vote.
Although across the country as a whole, the Labour Party had a resounding win in the General Election, so whatever your politics, it’s the Labour Party’s policies that will shape all of our lives for the next 5 years.
We consider what homeowners, property buyers and investors can expect from the new Labour Government?
What is Labour’s position on Housing?
As the newly elected Labour leader Sir Keir Starmer moves into 10 Downing Street, many of us turn our thoughts to what Mr Starmer and the newly appointed Minister for levelling up, housing and communities Angela Rayner have in store for the local home movers, exactly what we can expect from the new Labour Government?
The Labour Party’s first budget and fiscal update may not come until at least September, it’s likely we will have to wait until this time to see what the new Government’s major political announcements will be.
Although In the pre-election Labour Party Manifesto (2024) ‘Change’, Sir Kier does clearly set out his party’s housing objectives.
The Labour Manifesto states –
New Laws –
‘We will make new laws so that local people in England have more say in decisions to make their area better. Like decisions about transport and housing.’
Building New Towns
‘We will have a plan for the next 10 years to get better roads, transport and other important things the country needs.
Our plans include:
- Making roads good and safe for everyone.
- Better bus services for local areas.
- Changing towns to make them better and building new towns.’
Build 1.5 Million New Homes
‘Many people cannot afford their own home.
We will change this by building 1.5 million new homes.
That includes more housing that is cheaper to rent or buy. Like social housing.’
Although slightly at odds with the positive messaging in their Manifesto, the Labour Party have announced that First-time buyers are set to see their Stamp Duty exemption reduced back to £300,000 from April 2025 but have promised a Freedom to Buy scheme.
The Labour Party’s announcement to lower the Stamp Duty threshold for first-time buyers from £425,000 to £300,000 in April 2025 leaves us wondering if the party will introduce any major initiatives that will make it easier to get on the property ladder, given their Manifesto commitment.
Local buyers are certainly looking for Labour to fulfil its pledge to introduce the Freedom to Buy scheme, as they remain concerned that buying a first home continues to be very challenging.
Time will tell if we can trust the new Labour Government to deliver on its promises, we will keep you posted.
See our most ‘Recently Sold Properties’.
Recently Listed homes
We have seen an increase in the number of new properties coming to the market in May, here are some of our most recently listed homes for sale –
House for Sale in Leatherhead – Guide Price £1,500,000
House for Sale in Woking – Guide Price £1,350,000
House for Sale in Liphook – Guide Price £1,250,000
House for Sale in Liphook – Guide Price £850,000
House for Sale in Guildford – £550,000
House for Sale in Haslemere – £525,000
To see the very latest homes coming to the market, click ‘New to market homes’, this lists all of the very latest homes as they come to the market.
Moving home?
We have strong demand for properties in and around the towns and villages covered by our offices in Guildford, Haslemere and Liphook with many motivated buyers looking for a new home.
If you are considering a move please feel free to contact any of our offices, either for an informal chat about the market and how we might help you with this or to book a market appraisal.
Why not try our instant online valuation tool?
Steve Cook
Partner Clarke Gammon
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