BREAKING NEWS – top 5 stories 27/04/2021
MORTGAGE PRISONERS GIVEN NO HELP BY GOVERNMENT
The government as predicted voted against setting a safeguard interest rate for tens of thousands of people with high loan to value mortgages, who coming out of lower interest deals faced their mortgage payments in some cases doubling.
There was an effort to change the FS bill in parliament and set a limit on standard variable rates, for those who could not re-mortgage elsewhere and escape their present toxic lender. The root of this mess is the 2008 banking crisis, where many lenders had a mortgage book of high loan to value mortgages, which were hived off and sold, allowing the new owners the ability to charge artificially high interest rates.
DESPITE SDLT HOLIDAY – HMRC RECIEPTS AT RECORD LEVEL
Though the Chancellor has given away millions by allowing a holiday on stamp duty in certain price bands, it was reported that in March the government coffers banked nearly £1.2 million of revenue from property transactions. Which is a huge uptick.
IN JUST OVER TWO MONTHS – NEW STAMP DUTY RULES WILL APPLY
Hidden in the recent property buy, buy, buy frenzy, the cliff edge that is the end of June and the end of the stamp duty holiday for a large sector of the home buying community looms.
Will we see a second breakout of pressure groups asking the Chancellor to further extend the stamp duty holiday, or will Q3 of 2021 be the turning point of the market.
PROPERTY FOR SALE – 19% LESS STOCK THAN LAST YEAR
Figures released show that the amount of property available is at a 19% lower rate than last year, this shortage is a real problem. It means not enough stock, so buyers with houses to sell hold back as they can not see a property to move to. Fees are being eroded for agents as the public perception is that any agent can sell their home in days.
KNIGHT FRANK SURVEY SUGGESTS HOUSEBUILDERS SEE CLOUDS ON THE HORIZON
Though Housebuilders in the main are reporting high profit margins, results from a survey conducted by Knight Frank on how New Home Developers view the future, conveys a different picture.
Apparently 50% of those asked said that there was now a question mark over land supply, and it availability, and also the slowness of the planning process.
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