Housing offers more hope for flooring
November 4, 2024
Housing transactions were up nearly 9% in September – the sixth straight month of improvement.
The latest data from HMRC shows 91,820 transactions which is 8.9% higher than this time last year, following housing deals between June and August this year up 5.9 to 8.2%.
Housing transactions are seen as a major indication of future activity in the flooring sector as householders furnish their new homes.
Nathan Emerson, CEO of Propertymark, commented: "As we move towards the end of the year, it remains upbeat to witness a real transformation within the housing sector with an overall trend of growth. There are also potential positives hopefully still to come, with strong hints we may see a further dip regarding the base rates this week."
Housing transactions in the first quarter of next year are also expected to surge, analysts predict but may be impacted thereafter. The Budget last week confirmed that the first time buyers’ stamp duty holiday will end on April 1 next year. This holiday was ushered in by the 2022 mini-Budget, and currently means there’s no stamp duty for first-time buyers on the first £425,000 of a property’s value – up from £300,000.
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BUSINESS NEWS
The British Furniture Confederation (BFC), the public affairs umbrella body of furniture and beds, furnishings and flooring sector trade associations, has unveiled its new Plan for Growth. The document is said to support BFC’s advocacy across four key pillars: skills and education; trade and exports; standards and regulations; and the environment and circular economy. It has been developed over the past few months, the organisation says, evolving from a combination of position papers written by the associations’ executives and a comprehensive survey of their collective members.
Consumer card spending grew 1.0% year-on-year in February – lower than January’s 1.9% increase and less than the latest CPIH inflation rate of 3.9%, according to recent figures reported by Barclays. In anticipation of higher bills, consumers are said to be cutting back on essential outgoings, but still prioritising discretionary purchases, contributing to an uptick in optimism in the health of personal and household finances.
Kellars, which describes itself as the largest independent flooring wholesaler in the UK, saw another year of “substantial growth” to July 2024, according to its strategic report for the period. With six depots across the UK and a team of more than 100, the company has reportedly grown at a “rapid rate,” with the year leading up to July 2024 seeing a dramatic rise.
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Likewise Group, a UK flooring distributor, has announced the completion of its purchase of a freehold Logistics Centre in Ivybridge near Plymouth.
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