Your June 2024 newsletter

June is set to be an exciting month for all, with longer days and hopefully warmer temperatures.

With the general election looming, the end of Multiple Dwellings Relief and a possible decrease in interest rates, a lot is going on this month that you will need to be aware of.

The End of Multiple Dwellings Relief

It was announced in the

Spring Budget earlier this year, that Multiple Dwellings Relief will end on 1 June 2024.

This means you will no longer receive any tax relief if you wish to purchase two or more properties in one transaction. Any uncompleted transactions on 1 June will also not receive this relief.

Preparation for the general election

A general election was announced for the 4 July, so throughout June there are some key dates you should be aware of before polling day.

The deadline to register to vote is on 18 June, and the deadline to register for a postal vote will be on 19 June. You can check if you need to register by searching your local council’s website.

Manifestos from the main political parties are expected to be released early this month, likely between 5 and 16 June.

A possible decrease in interest rates

The next announcement for interest rates and inflation will occur this month. The Bank of England will release the latest interest rate figures on the 20 June, following the announcement of inflation rates on the 19 June.

It is expected that interest rates may fall this month, meaning that mortgage rates may also fall. However, this could change following the announcement of the general election.

The Revive Property Team