Bury St Edmunds: 01284 769598Haverhill: 01440 768919Sudbury: 01787 468400
    Get a Valuation
    Register
    LogoLogo

    Our Branches

    Bury St Edmunds

    Contact Branch
    Area Guide

    Haverhill

    Contact Branch
    Area Guide

    Sudbury

    Contact Branch
    Area Guide

    How much is your property worth?

    Get an instant valuation

    Home/News/Latest: property market report

    Latest: property market report

    almost 2 years ago
    Market Reports
    Latest: property market report

    How do you tell if a General Election is on the cards? You monitor the news for announcements that may please the masses. Property has long been an area the Government tinkers with and ministers are already repositioning their offering to win votes in England and Wales.

    As a reminder, a General Election has to take place before the end of January 2025 (in Scotland, a Parliamentary election is expected in May 2026). In September, a bid was launched to win the support of landlords. The Prime Minister used a televised press conference to announce the Conservative party was scrapping its proposed new energy efficiency standards for privately rented properties.

    Reprieve to save landlords around £8,000

    It had wanted new-to-market rentals to have an EPC rating of at least a C by 2025. Subsequently, all properties in the private rental sector would need to meet this minimum standard by 2028. The plan was deemed unpopular by landlords, many of whom would have to spend thousands of pounds to bring their rental properties up to scratch.

    Gas and oil ban on the back burner

    Mr Sunak also had news for homeowners concerned with how they will heat their properties. Its plan was for older appliances at the end of their natural life to be replaced with low carbon alternatives, such as heat pumps. This was going to be achieved by banning the sale of gas and oil-fired-boilers from 2035.

    Instead of a total abolishment, the Prime Minister announced that 20% of properties in England and Wales would be exempt from the gas boiler ban. Exemption details have not been revealed but it is thought this will be means tested. In Scotland, the proposal to ban the sale of gas boilers remains a possibility and the Scottish National Party has not reneged on its pledge to mandate minimum C EPCs for its private rental sector.

    We thought there would be more detail about potential property reforms at the Conservative Party Conference. Sadly not. The Housing Secretary, Michael Gove, merely reiterated its pledge to build more new homes and protect greenbelt land. Therefore the Autumn Statement on 22nd November will be of interest.

    Landlords did hear from Housing Minister Rachel Maclean at the conference. She ‘guaranteed’ that landlords will be able to repossess properties more quickly through the courts, despite the proposed scrapping of Section 21 notices. Like the heating announcement, no further details were disclosed.

    What did happen last month was a freeze to the interest rate. After 14 consecutive hikes, the Bank of England left the rate at 5.25% in September. Together with unexpectedly falling inflation and mortgage rates that dipped below 5%, confidence in the home moving market shows signs of rising.

    No change to average house prices

    Elsewhere, Nationwide’s September House Price Index showed house prices are stabilising. Values remained the same in September as they did in August. This ended a run of month-on-month decreases. The building society put the new UK average house price at £257,808.

    There are also signs that sellers are more positive about prospects. Rightmove’s latest report revealed the average asking price set by new vendors increased marginally in September. The 0.4% rise (+£1,386) takes the average asking price to £366,281.

    Back to school kickstarts seller action

    The portal also found the number of new properties coming to market was rising. New instructions jumped by 12% in the first week of September, when compared with the average weekly number throughout August. The homes most in demand were properties with two bedrooms or less.

    When it comes to the price of renting, costs are still rising. Zoopla found rents in September 2023 were 10.3% higher than noted in September 2022, with Scotland experiencing the highest jump in cost (12.8%). The average new tenancy is now £1,164 per month.

    If you would like to know more about your local property market, please get in touch.

    Share this article

    More Articles

    Latest: July property market report

    Latest: July property market report

    Published 25 days ago

    We have reached the midpoint of 2025. The first half of the year has been surprisingly steady but what happened in the last four weeks? We take a look at the trends shaping the current UK property market.

    Read More
    Latest: June property market report

    Latest: June property market report

    Published about 2 months ago

    Both portal heavyweights provided a monthly snapshot of the sales market in May. As ever, Rightmove focused on asking prices. The UK’s average asking price for new instructions increased 0.6%, with a more expensive advertised price of £379,517.

    Read More
    Latest: May property market report

    Latest: May property market report

    Published 3 months ago

    How did April pan out in the property market? We take a look at the price reports and moving trends to inform your next move. Plus, we’re discussing Donald Trump and his surprising effect on the UK mortgage market.

    Read More

    Sign up for our newsletter

    Subscribe to receive the latest property market information to your inbox, full of market knowledge and tips for your home.

    You may unsubscribe at any time. See our Privacy Policy.

    Back to Home

    Get in touch 

    Bury St Edmunds
    Haverhill
    Sudbury

    Help & Guidance 

    Money Protection Certificate
    Complaints Handling Procedure

    ARLA
    DPS
    NAEA
    OnTheMarket
    RightMove
    ThePropertyOmbudsman
    TradingStandards
    Logo
    © 2025 Bychoice
    Privacy Policy|Terms & Conditions|Cookie Policy|Copyright Information
    Powered by