Property News Weekly Round Up February 9th 2025

Delivering the latest property news and the stories that matter most to you.

St Peters Basin, Newcastle Upon Tyne.

Leaseholders Gain Immediate Rights as Two-Year Rule is Abolished

As of today,31st Jan 2025 leaseholders will no longer need to wait two years before they can apply for a statutory lease extension on their flat. This long-overdue change removes a major barrier, allowing leaseholders to extend their lease or purchase their freehold as soon as they acquire a property.

Housing Minister Matthew Pennycook confirmed last week that new regulations have been signed to remove the two-year ownership requirement. Previously, leaseholders had to either wait or incur additional legal fees to transfer lease extension rights from the seller.

Under the previous rules set out in the Leasehold Reform, Housing and Urban Development Act 1993, leaseholders had to be registered as the owner of their property at the Land Registry for at least two years before being eligible to extend their lease. This often created unnecessary delays and extra costs. Now that the rule has been scrapped, leaseholders can take action immediately, streamlining the process and making it more affordable.

This reform marks a major step forward in leasehold rights, giving buyers greater flexibility and reducing obstacles to securing their property interests from day one.

Mortgage approvals increase as buyers race to beat stamp duty changes

December 2024 saw a notable 19% rise in property transactions compared to the same month last year, signalling that many buyers and sellers are no longer willing to sit back and wait for mortgage rates to shift in their favour. Instead of delaying their decisions in the hope of better conditions, people are pressing ahead with their property plans—whether that means stepping onto the housing ladder, upsizing to accommodate growing needs, or downsizing for a simpler lifestyle.

This surge in activity, however, isn’t entirely unexpected. While some of it may stem from growing confidence in the market, it’s also likely that a portion of these transactions were pushed through to beat the upcoming Stamp Duty threshold changes in April. History has shown that whenever tax adjustments are on the horizon, there’s often a flurry of activity as buyers and sellers rush to finalize deals before any potential financial impact kicks in. Regardless of the motivation, one thing is clear: for many, sitting on the fence is no longer an option, and they are choosing to take action now rather than risk missing out.

The latest data from HMRC is a sign of housing market recovery

December saw a 19% increase in property transactions compared to the same month last year, which suggests that many buyers and sellers have had enough of the “wait and see” approach when it comes to mortgage rates. Rather than holding off in the hope of better conditions, people are choosing to move forward with their plans, whether that means buying their first home, upsizing, or downsizing.

Of course, this jump in activity isn’t entirely surprising. Some of it could be down to a sense of renewed confidence in the market, but it’s also likely that a number of transactions were fast-tracked ahead of the upcoming Stamp Duty threshold changes in April. Whenever tax rules shift, there’s always a rush to complete deals before new costs come into play. Either way, it’s clear that, for many, waiting on the side lines is no longer an option.

Newcastle United Nears Big St James’ Call – New Stadium Looking Likely

St James Park, Newcastle Upon Tyne.

The great St James’ Park debate might finally be reaching its conclusion – and it looks like a brand-new, £1.2bn, 70,000-seat stadium could be on the cards!

According to Telegraph Sport, while nothing has been officially signed off, there’s growing enthusiasm at board level for the ambitious new build. If it goes ahead, Newcastle’s new home would become the second-largest club stadium in England, just behind Manchester United’s Old Trafford – which is also toying with the idea of a massive 100,000-seater revamp.

The latest plans show the new stadium overlapping slightly with the current St James’ Park site, keeping most of Leazes Park untouched. This could be a win-win, preserving Newcastle’s city-centre football heart while allowing the club to expand in size, revenue, and ambition. It also means fans could still watch their team at St James’ while the new stadium rises around it – a process expected to take six to seven years.

Of course, the alternative option of simply expanding St James’ is still on the table and would cost around half as much. But with the government keen on big redevelopment projects (like the one around Old Trafford), some fans are wondering why Newcastle’s beloved ground isn’t getting the same level of attention and support.

Either way, it’s a huge decision for the club, and Newcastle United has assured fans they’ll have a say before the final call is made. One thing’s for sure – change is coming, and the Toon Army is in for an exciting ride!