Our esteemed Chancellor was kinder than we had feared. The hikes in Capital Gains tax which certainly would have affected the buy-to-let market, were not present and the Stamp Duty moratorium will continue to the end of June, with a Nil band rate set at £ 250,000. This will give a respite to those buyers who were anxious that completions on their properties would not take place before the previous deadline at the end of March. Read more
Although the mass-suicide of lemmings is disputed (apparently, they’re just following biological urges and can’t always see the edge of a cliff), it would seem that property valuers and analysts are indulging in the same behaviour. The rumour-mill has been cranking out reports that prices in the residential property market will undergo a significant correction of circa 14% after the Spring of 2021.
Is this prescient foresight or doom ‘n’ gloom prognostication? Let’s look at the economic fundamentals.
One side-effect of all this Covid chaos is the growing chasm between residential property consumers and the parlous state of the economy. Read more
I shout ‘Hallelujah!’ about the latest government proposals to circumnavigate the mindless red tape and labyrinthine process of planning procedures, which have held back the housing supply of affordable and private homes to-date.
In the Thatcher era, we built 300,000 new homes and today we barely dribble out 150,000 of the ‘little buggers’ and although Prime Minister May did make some useful soundings about housing supply, Boris is ‘trying’ to get the deal done. Read more