The UK property market continues to face a number of challenges, with mortgage costs, affordability, economic uncertainty and the overall cost of moving all influencing buyer and seller decisions.

One of the biggest talking points this week has been the 11% week-on-week drop in sales agreed and a drop of 2% on the average asking price of a newly listed properties. While some seasonal softening is entirely normal during the summer holiday period, the scale of this fall has caught the attention of the property industry.

Andy Burnham is facing increasing pressure to support the introduction of new council tax bands for higher-value homes. These proposals are part of a wider effort to modernise a system many believe no longer reflects today’s property market.

The UK property market remains under close watch following confirmation from Prime Minister Andy Burnham that there will be no changes to stamp duty in this year’s Budget. Despite widespread speculation and ongoing calls for reform, the government has made it clear that altering or abolishing the tax is not currently on the agenda.