Although we see key aspects of the economy stabilise, the commercial property sector continues to face challenges, as many business sectors evolve to keep pace with ever-progressing trends and shifts in demand. 

A recent auction has sent waves of excitement through the world of memorabilia collectors, with items from the legendary British comedian Eric Morecambe achieving record-breaking prices and highlighting the pivotal role of professional auctioneers in accurately valuing, presenting and selling these unique cultural artefacts.

August tends to be one of the quieter months in the auction calendar, however September’s figures demonstrated an extremely positive response, with a nearly 10% increase in lots offered and sold across the UK. As the economy continues to stabilise, it is fantastic to see members report strong demand and growth in performance.

Trading in ivory from the common hippopotamus, killer whale, narwhal and sperm whale will now be banned under The Ivory Act 2018 (Meaning of “Ivory” and Miscellaneous Amendments) Regulations 2025. The new legislation was originally laid in parliament in May 2023, under the previous UK Government, but implementation has been delayed due to a lack of parliamentary time.

2024 marked a remarkable year for Propertymark, as the organisation made significant strides in raising its profile, engaging stakeholders, and shaping policy discussions. This year’s achievements are a testament to the collective efforts of our team, members, and partners. Together, we have raised the bar, set new benchmarks and solidified our position as the leading voice in the property industry.

We welcome proposals from the Department for the Economy on supporting low-carbon heating in residential buildings, which is a crucial step towards achieving Northern Ireland’s net-zero emissions target by 2050. However, in our response to the consultation we have emphasised the need for an assessment-led approach to funding, ensuring that financial support is directed to the most impactful measures for each property.

The next few months are likely to prove busy for the sales market, with stock coming to the market and consumers showing they are keen to stay ahead of Stamp Duty threshold changes due in England and Northern Ireland in April 2025. The lettings market remains extremely challenging, with long-running issues regarding an intense lack of rental stock across the UK.

Damp and mould are more than an unsightly nuisance; they pose serious health risks, especially for children, older adults, and people with respiratory issues. The tragic story of two-year-old Awaab Ishak, who suffered prolonged exposure to mould, highlighted the need for immediate action and lasting change. This resulted in the introduction of Awaab’s Law for the social housing sector, which will soon be mirrored in the private rented sector through the Renters’ Rights Bill.

As we head into the New Year, the sales market is set to see a trend unlike those historically seen across the winter months, with buyers and sellers, especially across England and Northern Ireland, pushing their sales and purchases through to save potentially thousands of pounds before the changes to Stamp Duty thresholds take effect from April 2025.

The Rt Hon. Sir Kier Starmer, MP, announced his Plan for Change: Milestones for mission-led government in a high-profile, tone-setting speech on 5 December 2024. Drawing attention to the fact that housing starts and permissions are at their lowest for a decade, the Prime Minister insisted that the housing crisis will not be solved without approving controversial developments. However, with no new detail about how the targets will be achieved, the housing sector is left guessing.

The Older People’s Housing Taskforce has published a final report which includes many recommendations made by Propertymark. We met with the taskforce chair, Professor Julienne Meyer, and responded to the consultation, with proposals to enhance the choice, quality and security of housing for senior citizens.

A report, commissioned by the NIHE (Northern Ireland Housing Executive) and supported by the Chartered Institute of Housing (CIH) on letting agent regulation and fees, focuses on developing a new regulatory framework, and spotlights mandatory registration, a fit and proper person test, minimum qualifications, a code of practice and strict enforcement.

Propertymark has long campaigned for incentives and realistic funding for landlords, tenants, and homeowners to upgrade their properties so we can see more energy-efficient homes, lower bills, and reduce emissions in the property sector. We are pleased to support National Energy Action’s Fuel Poverty Awareness Day on 27 November 2024, which highlights how the continuing energy crisis is stretching household, leaving many people struggling in cold, unsafe and unhealthy homes.

Ensuring tenant deposits are properly recorded and protected is a vital task for letting and estate agents, and one that carries significant legal and financial responsibilities. The Letting Partnership (TLP), a leading provider of specialist services to the lettings industry, emphasises the importance of accurate reconciliation and highlights the risks associated with discrepancies.

The Northern Ireland Executive’s draft Programme for Government identifies providing access to affordable, sustainable, and quality housing as an immediate priority and acknowledges the pressing need for action. Propertymark supports this aim and has made specific recommendations to accelerate progress.