BREAKING NEWS – 5 top stories 22/12/2020

Estate Agent Networking Breaking News

WELSH HOUSING DRAGON ROARS

Investment buyers, second homeowners and BTL buyers have been marginalised in many ways by creeping taxation and other factors, but in Wales with lightening speed a new raft of taxation on non-primary property purchase comes into force, two days before Christmas.

With an additional 1% layer of SDLT tax being applied to all the steps in taxation that already exists, so for property over £250,000 to £400,000 there will be a 9%. Tenants need somewhere to live, and if landlords become priced out of the market all this will do is destabilise rents and diminish the housing stock.

MORTGAGES ARE THEY TOO EXPENSIVE?

The Bank of England base rate is at an incredibly low 0.1% set in March of this year, a reduction down from 0.25%, and yet borrowers without a hefty deposit are looking at borrowing if they are a first-time buyer at over 3%.

The reason this is a worry, is that the first-time buyer is a large slice of the homebuying cake, and if they become priced out of the market, this dampens market activity. Banks need to make returns, but it is a very finely balanced line.

JENRICK ON A BORIS INSPIRED BUILDING SPURT

Seeming to have weathered his own personal storm regarding new homes and planning, our present housing secretary has in the last week, deepened his resolve to allow more housing in England. Saying, ‘The Covid-19 pandemic has accelerated and magnified patterns that already existed, creating a generational opportunity for the repurposing of offices and retail as housing and for urban renewal.”

He becomes even more lyrical stating that, ‘this to be an opportunity for a new trajectory for our major cities – one which helps to forge a new country beyond Covid – which is more beautiful, healthier, more prosperous, more neighbourly and where more people have the security and dignity of a home of their own.”

TRUSSLE ON TV

Earlier this month, Trussle the digital online mortgage provider who look to uncomplicate lending and speed up mortgages, went big and launched on Television. Reports suggest that this traditional but high spend has given them new traction.

HALIFAX PREDICTS HOUSING MARKET GLOOM IN 2021

The MD of the Halifax building society has predicted a 5% clipping of property prices in the UK in a recent, looking to economic factors, the pandemic and unemployment.

Mr Galley concedes that 2020 has been a resilient market but says the steam will come out of it, ‘Despite the deepest recession for centuries, house prices have risen over the past year at their fastest rate since 2016, with mortgage approvals also at their highest level for over a decade. This growth has been driven by a shift in demand from buyers as a result of increased home working and a desire for more space, while the stamp-duty holiday brought forward many transactions that might otherwise have been planned for next year.’

The one thing that is certain for me writing this piece – is that absolutely nothing is certain and 2021 is likely to yet another white-knuckle ride into the property maelstrom.

Andrew Stanton

CEO & Founder Proptech-PR. Proptech Real Estate Influencer, Executive Editor of Estate Agent Networking. Leading PR consultancy in Proptech & Real Estate.

You May Also Enjoy

Breaking News

Majority of Tenants Unsure How Changes Will Affect Them, Says LRG

With major changes to the private rental sector on the horizon, 62% of tenants say they don’t know whether the government’s Renters’ Rights Bill will address their concerns – highlighting a growing need for clearer communication around what the reforms will mean in practice. LRG’s latest Lettings Report shows that while landlords are widely aware…
Read More
Home and Living

Perfume Storage Tips: How to Keep Your Fragrances Fresh

Perfumes are sensitive compositions that can be significantly affected by how they are stored. Proper storage ensures that your favorite fragrances stay fresh and maintain their intended scent profile. In this article, we’ll explore practical, fun, and effective tips to help you preserve your perfumes in perfect condition. Understanding the Sensitivity of Perfumes Perfumes are…
Read More
Breaking News

Renters’ Rights Bill Delay Causing Uncertainty for Tenants and Landlords

Ministers need to tell landlords and tenants when measures in the Renters’ Rights Bill will take effect the National Residential Landlords Association (NRLA) is today warning. The Government pledged last year to abolish Section 21 ‘no explanation’ repossessions and to make other changes to the rental market this summer. With the Bill not scheduled to…
Read More
Breaking News

Breaking Property News 02/04/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   Made Snappy 360 appoints new CEO and Sales Director to accelerate growth in the property technology space Made Snappy 360, the fast-growing proptech company known for its virtual tours and floor plan technology, has appointed industry veteran Mark Beresford-Ward as its new Chief Executive…
Read More
Home and Living

Expert reveals the exact date parents must start renovating in time for summer

Loft and attic renovations are gaining popularity this spring, with nearly 11,000 monthly Google searches, highlighting them as one of the top home renovation projects Brits are planning in the coming weeks. Loft conversion specialist Sally McClean, loft conversion specialist from Enfields loft conversions Rooftop Rooms, shares the exact dates homeowners should start their renovations…
Read More
Breaking News

Nationwide HPI – Annual house price growth steady in March

Annual rate of house price growth remained stable in March at 3.9%, unchanged from February Northern Ireland remained the top performing area, with annual price growth accelerating to 13.5% London weakest performing region, with 1.9% year-on-year rise Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said: “UK house price growth remained stable in March…
Read More