This has been an interesting year for residential property. While certain value ranges have experienced reasonable activity, others have been dormant.
The reality is that Brexit has not had the cataclysmic effect on sentiments that was presumed and predicted. The main influence has been on mortgage interest rates; these have been reasonably stable to date and by the look of things, will continue in this vein. That is, of course, apart from any tweaks that Mr. Carney, Governor of the Bank of England, may be forced to impose during 2019 if inflation continues to rise. Read more
There were few Tax changes in today’s Budget, in respect of SDLT, for the Residential Property Market.
Of the few measures put forward, was the £500million for the Housing Infrastructure Fund, which according to Mr. Hammond will allow another 650,000 homes to be built. Although this sounds dramatic, if it is spread across many fiscal years, it won’t make much of a difference in order to help fix the ‘broken housing market’. Read more
I’m all for certain necessary regulation, whereby orderly business is carried out with a high degree of integrity and due diligence, but often there is a disconnect between over zealous bureaucrats and the need for commerce.
It is quite true, that at one point buying assets in the UK was ‘loose and light’ and un-doubtedly, there was not enough regulation to prevent ‘dirty money’ being exchanged for, say, property in this country. Read more