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Buyers have a second chance at stamp duty savings

Initially announced in 2020, the stamp duty holiday was intended to aid homeowners through the buying process during the pandemic.

 

As expected, many took this opportunity to upgrade to their dream home or purchase their next investment, as savings of up to £15,000 were up for grabs.

 

Although it was thought that activity would begin to peter out at the end of last year, given that the original completion deadline was March 31st, that wasn't the case for the first part of 2021.

 

Now, with the recent extension announcement, the nation's home movers have a second chance at seeing incredible savings, with around 613,000 properties at 'sale agreed' by mid-January and likely to be the first to benefit from this protracted period.*

 

Even with an end in sight, buyers and sellers appeared mostly unfazed and continued to buy and sell regardless of the March deadline, which may have been as a result of the increasing availability of mortgage products with 10% deposits.

 

Another possible explanation for this is that property priorities have changed in the past 12 months due to sellers needing more space and falling out of love with their current home, making their need to move more urgent.

 

By giving homeowners and investors until the end of June, it is thought that the housing market will see further spikes in buyer activity as conditions prove advantageous, with the sector already demonstrating above average trends compared to previous years.

 

During a 10-day period in January, there was a reported 12% increase in estate agency enquiries and a 9% increase on sales agreed from 2020.

 

Combined with the fact that Rightmove are seeing ever-increasing website visit numbers, which in January were 33% higher than last year, these statistics give homeowners and buyers a promising opportunity in 2021.

 

If you are looking to upgrade your home this spring, our team of professional agents are here to help.

As your trusted agent, we specialise in local knowledge and attention to detail when valuing your property. For more information on what we can do for you, contact us.



*Property Reporter

 

 

Eviction ban “more balanced” than past examples

Just after we started 2021, Housing Secretary – Robert Jenrick – announced an extension on the ban preventing tenants from being evicted.

This meant that – apart from the most serious of cases – no evictions would be carried out until at least 21st February.

With the recent news that the ban will once again be extended, pushing bailiff-enforced evictions in the private rental sector back to March 31st, what does this mean for landlords and tenants?

The point of the extension is to ensure tenants are protected during these hard times, whilst what we have seen for landlords over the last few weeks is that the most recent extension has looked to be "more balanced".


Comparing how the ban has evolved

In the previous bans, the substantial rent arrears exemption only applied when there were nine months of arrears before 23rd March 2020.

Many landlords have been suffering severe hardship by rent arrear levels significantly below that figure, which prompted a change to the arrears threshold to six months, making it more balanced for landlords and tenants.

Jenrick has since added that the aim is to strike a fair balance between "protecting tenants and enabling landlords to exercise their rights to justice".


How are evictions able to take place in the most serious cases?

Bailiffs that are enforcing the few evictions permitted to be carried out are being told to take caution and proceed in accordance with the regulations – if they can do so safely.

There is also a question mark over how a bailiff should deal with a situation where a tenant is self-isolating.

The presumption from many bailiffs is that the eviction could not be carried out for their own safety.


What can you do as a landlord?

Landlords are going to have to find ways to manage these sensitive situations in the best way possible.

The most important thing is communication.

If your tenant is saying they can't pay their rent, it is ok to ask them for evidence to show there has been a change in circumstance, e.g. a letter to say the tenant has been furloughed or has been made unemployed due to the pandemic.

If you have any concerns about your living situation or property investments, we urge you to speak with our team today for more information.