Spring Budget: What does it mean for the Property Market?
Video: Spring Budget & The Property Market
Yesterday, the UK Chancellor, Rishi Sunak gave the Property Market some great news about the Stamp Duty Holiday Extension (till June 30th) and the Government backing 95% loans for First Time Buyers.
What does it mean for property prices? The property market certainly got a boost and activity levels have been the highest in years after the original Stamp Duty Holiday announcement last year. This is now likely to continue for a few more months. If you were thinking of buying, there is still time to take advantage of this saving.
Some people criticize that the Chancellor decided to ‘give away’ money to the Property Market, but in my opinion, doing so is acknowledging the important role property plays in the economy.
Both news will benefit buyers and would-be buyers, but also banks, real estate agents, solicitors, surveyors, interior designers, architects, etc. at a time that the economy certainly needs a boost.
Ps: Note that Stamp Duty will still increase for Non-Resident Buyers from April 1st. An extra 2% to the existing 3% surcharge.
#propertymarketupdate #springbudget #rishisunak #londonpropertymarket #firstimebuyers #stampduty
*** This article was published back in June 2020***
In last week’s article, we mentioned how the London property market has arisen from lockdown and what has happened so far. Prices are more fragmented than ever, and location is no longer the main deciding factor.
These past few months, many of us have rediscovered the place we called home. Some of us have enjoyed the pleasure of home-cooking (and now need a better and bigger kitchen), others realized that working from their bedrooms long term is not sustainable, and many now want outside space. The importance of our ‘home’ and how we live our lives is now more predominant than ever.
Lockdown has brought home the need for different spaces for different family members, spaces that are fit for purpose. And not just for now but also for what might lie ahead (2nd wave?). Many homeowners have embarked in what Americans call ‘beautification’ of their homes.
Others have come to the conclusion that London is no longer for them and are behind a significant reported spike in rural inquiries, primarily in search of more space, larger gardens and home offices now that working remotely for some businesses has proved efficient. As a property consultant, I believe this is a short-term reaction. Although demand for outer zone areas in London with more green spaces and larger footprints will see a more permanent uplift.
Below is the list of priorities we believe will be the lasting legacy of Covid-19 particulary in the London property market and that go beyond simply location, location, location.
According to a recent Zoopla.co.uk’s research, Upper Phillimore Gardens in W8 is one of the UK’s most expensive streets, where the average home is worth £5,740,496.