Legacy Weekly Update 30th September- 6th October 2025

Market & Prices

The housing market in Jersey is experiencing a slowdown, with prices 14% below their peak from the third quarter of 2022, as reported by Statistics Jersey. This decline has led to calls for a stamp duty surcharge holiday to stimulate economic activity. In the UK, the housing market saw a slight uptick in September, with house prices increasing by 0.5% from August, according to Nationwide Building Society. The UK government is consulting on reforms to the home-buying process aimed at reducing costs and time, potentially saving first-time buyers an average of £710 and cutting the time to complete a purchase by four weeks. In Scotland, the Housing (Scotland) Bill empowers councils to impose rent caps in designated areas, limiting increases to one percentage point above inflation, capped at 6%.

Mortgages & Finance

There are no significant updates in the mortgage and finance sector this week. However, the Bank of England maintained interest rates at 4% last month, with mortgage approvals for house purchases remaining steady at around 65,000 per month.

Rental Market & Landlords

Jersey's housing minister emphasised the need to prioritise first-time buyers over buy-to-let investors. In the UK, the National Residential Landlords Association (NRLA) highlights issues affecting landlords, including changes to Electrical Installation Condition Report (EICR) regulations and the introduction of Awaab's Law. In Scotland, new rent caps could deter investment, with concerns raised by the Scottish Association of Landlords. Meanwhile, research indicates tenants report higher satisfaction when renting directly from landlords rather than through agents.

Policy & Legislation

In Jersey, there is debate over the stamp duty surcharge, with a proposal to reduce it from 3% to 2%. The UK Government is consulting on house-buying reforms and plans to expand the Warm Homes Discount scheme. In Wales, the Building Safety (Wales) Bill impacts HMO landlords, and the Welsh Government's White Paper seeks to reform the private rented sector. The Housing (Scotland) Bill introduces tenant protections and allows for increased council tax on second homes.

Planning & Development

City Hall in London has committed to building 88,000 homes annually over the next decade. The Scottish government has declared a national housing emergency, planning to invest up to £4.9 billion over four years to deliver 36,000 homes, though research suggests £8.2 billion is needed to meet targets.

Data & Research

Statistics Jersey's latest figures indicate a significant drop in housing prices. In the UK, a report highlights the £1.6 billion contribution of the Welsh private rented sector to the economy. The energy price cap has risen by 2% from October, affecting those on standard tariffs.

Industry Moves & Corporate

The NRLA has announced partnerships with Safe2 and Goodlord to enhance services in property inventory and tenant referencing. Taylor Wimpey reported a slowdown in its net private sales rate, attributing it to the delayed UK budget affecting customer confidence.

--- This briefing was produced automatically by Legacy using expert-tuned AI. If you spot anything we should add next week, please reply to this email.