The UK's housing market is forecast to experience a subdued year in 2024, with average house prices expected to decline slightly by -2.6%, a new analysis reveals. The firm also says that its analysis shows that since the base rate was held at 5.25% in September 2023, the average house price has fallen at an average rate of -0.3% per month. And if this trend continues, homeowners could see a potential drop of £7,501, from the current average of £283,428. However, the firm's

Coventry Building Society is urging the government to reform Stamp Duty after a significant drop in property transactions – including buy to let purchases - during the first quarter of 2024. HMRC figures show there were only 192,500 property transactions since January - the first time the number has dipped below 200,000 since the temporary Stamp Duty holiday in July 2020. This is the lowest level seen since the second quarter of 2011. The Stamp Duty holiday in 2020-21 Cove

Backbench Tory MPs are threatening to rebel against the government’s leasehold reform bill. More than 30 MPs including the former Housing Minister Robert Jenrick want to see the leasehold system scrapped altogether. In a letter to the Chancellor seen by Sky News, Conservative backbenchers urged the government to scrap ground rent on leasehold properties. End feudal leasehold system Under current rules, there is no cap on the amount freeholders can charge existing leasehold