Despite Britain slipping into a recession, the housing market appears off to a good start thanks to the newfound stability of mortgage rates.
So far, the forecast from estate agents for the year ahead has been mixed.
Enquiring about new policies could help sellers safeguard their finances in the face of uncertainty.
Amer Siddiq, founder & CEO at Landlord Vision, alerted homeowners venturing into the property market about a new policy set to come into effect.
Sellers should enquire about new policies to protect their finances
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The expert said homeowners could face a surprising cost as new regulations will require them to store fuses inside metal containers.
Amer told GB News: “If you are looking to sell your property in the coming year, there are a few policies you should be aware of.
“For one, there is a specific policy that’s set to be imposed in 2024 that will basically require all fuses to be housed in a special metal container.
“This, unfortunately, can result in a surprising cost to property sellers,” warned Amer, who proposed a way to evade the cost.
According to the expert, renegotiating your estate agent's commission may offer the best chances of lowering these costs.
“If you are still able to negotiate with your estate agent about the percentage of commission they will take on the sale, you may be able to offset that cost,” pointed out Amer.
The advice could benefit millions of Britons as one of the busiest periods for the property markets fast approaches.
“This year, as with most years, will likely have the busiest periods in March and September,” noted the expert.
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The housing market is off to a good start thanks to stable mortgage rates
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“However, this isn't always the case if you’re using different platforms rather than traditional real estate agents.”
Surprisingly, platforms like Rightmove tend to see a significant uptick in activity on Boxing Day, explained Amer.
He added: “It is also expected that leaseholder will be able to find more affordable prices for purchasing the freehold of a property.”
Major cities like London can expect to see more consistent behaviour among low-end and high-end properties, while in the rural regions, lower-priced houses typically gain more traction.
