Portsmouth Property Market Update – July 2024

What can Portsmouth Home Buyers and Sellers Expect From a New Labour Government?

By Neil Shaw – Managing Director, Chinneck Shaw, Portsmouth

It’s been a little over four weeks since the Labour Party swept to power in the General Election. As the dust slowly settles, we look at Labours housing policy, what the future housing market may look like under a Labour Government.  

Locally, Portsmouth North elected its first Labour MP since 2010, seeing Penny Mordaunt narrowly losing her previously considerable majority, in an 18% swing to The Labour Party’s Amanda Martin.

In an acceptance speech, Amanda expressed gratitude to the other candidates, acknowledging that it’s ‘never easy’ running for public office and specifically thanked Penny Mordaunt for her 14 years of service.

She said: ‘Whether you voted for Labour or not in this election, I want to say as your MP, I will work for you. Portsmouth is my home; it’s where everyone I love lives, and to be your MP is the privilege of a lifetime. I will not take it for granted.’

What is Labour’s position on Housing?

As the newly elected Labour leader Sir Keir Starmer and his family move into 10 Downing Street, many of us turn our thoughts to what Mr Starmer and the newly appointed secretary of state for housing and communities Angela Rayner have in store for the local home movers in Portsmouth, exactly what we can expect from the new Labour Government?

The Labour Party’s first budget and fiscal update may not come until at least September, it’s likely we will have to wait until this time to see what the new Government’s major political announcements will be.

Although in the pre-election Labour Party Manifesto (2024) ‘Change’, Sir Keir does clearly set out his party’s housing objectives.

The Labour Manifesto states –

New Laws –

‘We will make new laws so that local people in England have more say in decisions to make their area better. Like decisions about transport and housing.’

Building New Towns

‘We will have a plan for the next 10 years to get better roads, transport and other important things the country needs.

Our plans include:

• Making roads good and safe for everyone.
• Better bus services for local areas.
• Changing towns to make them better and building new towns.’

Build 1.5 Million New Homes

‘Many people cannot afford their own home.

We will change this by building 1.5 million new homes.

That includes more housing that is cheaper to rent or buy. Like social housing.’

Although slightly at odds with the positive messaging in their Manifesto, the Labour Party have announced that First-time buyers are set to see their Stamp Duty exemption reduced back to £300,000 from April 2025 but have promised a Freedom to Buy scheme.

The Labour Party’s announcement to lower the Stamp Duty threshold for first-time buyers from £425,000 to £300,000 in April 2025 leaves us wondering if the party will introduce any major initiatives that will make it easier to get on the property ladder, given their Manifesto commitment.

Local buyers are certainly looking for Labour to fulfil its pledge to introduce the Freedom to Buy scheme, as they remain concerned that buying a first home continues to be very challenging.

The Kings Speach 

There have been further insights into the Labour Party’s plans for housing in the Kings Speach on the 17th July 2024, where details of Bills on Rent Reform, Leasehold Reform and Housing Building were announced.

Time will tell if we can trust the new Labour Government to deliver on its promises, we will keep you posted.

July property Market in Portsmouth & Southsea

Despite the hype around the General Election, the local property market in Portsmouth and Southsea has been active throughout the period. Many of the house hunters that had previously paused their search whilst there was some uncertainty soon resumed once the likely outcome was all but confirmed.

Now that the Labour Party has been elected and economists predict a likely interest rate cut over the coming months, we expect further buyers to follow suit.

Some of the homes recently listed for sale in Portsmouth & Southsea

House For Sale in Portsmouth – £425,000

House For Sale in Portsmouth – £360,000

House For Sale in Southsea – £340,000

Apartment For Sale in Portsmouth – £300,000

House For Sale in Southsea – £260,000

Flat For Sale in Portsmouth – £179,995

Considering a Move to Portsmouth or Southsea

Both Portsmouth and Southsea have strong demand for properties for sale and to rent, we have many first-time buyers and renters looking for a home in and around the surrounding areas.

If you are considering a move please feel free to call our office, either for an informal chat about the market and how we might help you with this or to book a market appraisal.

Or try our Instant Online Valuation tool.

To see the very latest homes coming to the market, click ‘Search’, this lists all of the very latest homes as they come to the market.

Neil Shaw –  Chinneck Shaw  

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