What estate agents need to know and how to prepare for the second half of 2024.
The new Labour government is standing by their election pledge to support the property sector - great news. The main goal is to boost homebuilding and help more first-time buyers enter the housing market. They are standing by their election pledge to build 1.5 million new homes over the next parliament. Good news!
The recent general election in the UK, which saw the Labour Party secure a majority government, has brought renewed focus and anticipation within the property sector. With housing being a central theme of Labour's campaign, industry experts are now eager to see these promises translated into action.
Labour's commitment to the property sector
The Labour government's commitment to addressing the housing crisis has been met with cautious optimism. There is an urgent need for increased housing stock, and the promise to build 1.5 million new homes is seen as a critical step in alleviating the housing shortage that has plagued the UK for years. This focus on affordable and social housing is particularly important for first-time buyers, who have struggled to enter the market due to high prices and limited availability. The government’s pledge to make the mortgage guarantee scheme permanent could provide much-needed support for new buyers, making home ownership more accessible.
Will the new government provide certainty?
Consistency in housing policy is another major concern. With 16 housing ministers since 2010, the property market has suffered from a lack of clear, long-term strategy. The industry is now calling for a sustained and stable approach from the new government. The hope is that the Labour government will provide the certainty and strategic direction that the sector desperately needs, ensuring that housing policies remain consistent over time to foster a more predictable and stable market environment.
Mortgage and stamp duty support
Mortgage advisors have highlighted the need for immediate action to invigorate the housing market. There is widespread speculation in the finance world that the Bank of England will cut interest rates in August for the first time since the Covid pandemic. Property experts say that maintaining current stamp duty exemptions for first-time buyers is critical and it would be welcomed see this extended to other buyers, although there has been no mention of that yet. Boosting the UK’s housing stock is seen as essential, as the current supply has not kept up with the growing demand, leading to a deepening housing crisis.
Streamlining planning and development
Achieving Labour’s ambitious housing targets will require significant changes to the current planning system. A radical overhaul is necessary to speed up decision-making processes and remove bureaucratic hurdles that delay development projects. This would involve streamlining town hall decision-making and unlocking opportunities for developers, thereby facilitating quicker and more efficient housing development.
Impact of the new government's housing policies
The potential impact of the new government’s housing policies extends beyond just increasing the number of homes. A renewed push on homebuilding, coupled with efforts to support first-time buyers, could lead to a broader revitalisation of the property market. There are already signs of cautious recovery in certain regions, with positive growth in areas like Scotland and the East Midlands. This renewed activity, along with a potential base rate cut later in the year, could stimulate further movement in the housing market.
The Labour government's election promises offer positive hope for strengthening the UK property market. As estate agents prepare for the changes ahead, it is important to strategically plan for the anticipated increase in market activity.
How can estate agents plan ahead?
The traditionally quieter summer weeks ahead present an ideal opportunity for estate agents to prepare and solidify their marketing plans for Q3 and Q4 of 2024. This preparation will be crucial in maximising the benefits of the anticipated surge in demand from people looking to buy, sell, let and rent property.
Now is a good time to review how compelling your estate agent branding, estate agent website, and estate agent marketing strategies are. Assessing your online presence is essential to ensure that your agency stands out in a competitive market. A modern, user-friendly website can significantly enhance your ability to attract and engage potential clients, drive leads and grow income. With a busy period expected as the property market picks up pace, having an updated and optimised online presence will be key to capturing leads and driving valuations.
Use the summer to optimise online appeal
To capitalise on these opportunities, consider investing in a brand refresh or new website this summer. We can help you launch a new website in just four weeks, proven to attract more leads and valuations. Don't miss out on the chance to refresh your digital presence and position your agency for success in the last two quarters of 2024.
You can read about our estate agent website designs here and take a look at some of our previous work here. For a no obligation conversation, contact robin@propertystream.co.uk or call the team on 0333 242 0647.