BREAKING NEWS – top 5 stories 04/03/2021
STAMP DUTY HOLIDAY EXTENDED 3-MONTHS
As many pundits predicted the cliff edge of the 31st of March, has been replaced by the cliff edge of the 31st of June, thanks to the Chancellor. And for the following three-months, ending on the 31st of September there will be no SDLT payable in the £125,000 to £250,000 stamp duty bracket.
Is this good news? Well it means that house prices will rise, first time buyers will need even larger deposits, and we then have furlough finishing possibly in September – unemployment may see a sharp uptick.
HELP FOR TENANTS AND LANDLORDS
The budget did many things, but not for the rental sector, with Lockdown 3.0 still in full swing, and 800,000 plus not paying the full amount of rent, landlords and tenants are still in a whole world of pain. Add in the legal gridlock, and the backlog of cases to be heard at court, the pressure on this sector is growing daily.
CONNELS ACQUIRES FIVE MORE BRANCHES
Not content with acquiring the Countrywide PLC kingdom, Connell’s show no sign of stopping their big acquisition trail by buying Hall and Benson, a five-branch independent, multi-discipline agency with roots reaching back almost thirty years.
Clearly the pandemic, and the amount of founders of good businesses who are now looking at retirement, is hastening the consolidation of the real estate landscape in the UK.
MORE ACQUISITIONS
A retirement sale of Independent Sinclair Properties, founded by Niall McTurk, a topflight, student accommodation centric agency based in York has been announced by the new owner Linley & Simpson, who are continuing their acquisition strategy. It brings their branch head count up to 23.
THE FULL BUDGET – CORPORATION TAX TO RISE BY 31.5%
The full budget is set out in full here,
Notable takeaways are that corporation tax is set to rise by 6% an increase of 31.5% in two-years’ time, which means big business is looking to be a big loser. Tax thresholds have been frozen which will have a detrimental effect.
But there does seem to be a very positive push towards digital and technology, which with my other proptech hat on – gives a glimmer of hope that the UK can look to dominate the 4th Industrial revolution with its already impressive tech credentials.
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