As we look at the year to come we see a range of factors that will influence the residential property market. One of the more immediate ones is that at the end of March 2025 many buyers will see a lift in Stamp Duty on property purchases. This is driving something of a boom…
Back in June 2022 the Government published its White Paper ‘A Fairer Private Rented Sector’. This document has stirred much debate but unusually it seems to have fairly wide political approval. The Royal Assent of the Bill is unlikely to happen before the end of the first quarter of 2024 which would mean the…
Pictons recently launched its innovative conveyancing app for residential property clients. The uptake of the app has been fantastic with approximately 85 % of residential property clients now using the app. The app offers considerable benefits for clients including live updates and notifications saving time normally spent on emails and phone calls. It also…
The government has recently announced that it plans to give leaseholders the right to extend their lease to 990 years. Currently houses occupied under a lease can only extend their lease once for 50 years, whilst flat leases can be extended as often as required, with a zero ground rent for 90 years. Furthermore,…
Despite the recent announcement of a second ‘lockdown’ in England, Robert Jenrick, Secretary of State for Housing, Communities and Local Government has said that the housing market would still be able to operate. All involved in the conveyancing process will of course have to operate using Covid secure practices however, it has been confirmed…
The Government has announced that to boost the property market, there will be a temporary stamp duty ‘holiday’ on the first £500,000 of all residential property purchases in England and Northern Ireland where the property is the main residence. This will apply throughout 2020 coming to an end in March 2021. Stamp duty is…
The government has recently announced that estate agents can now re-open, viewings can be carried out and removal firms and conveyancers can restart operations. This is all subject to the social distancing and health and safety regulations that are now in place. The BBC has estimated that there are approximately 450,000 buyers and renters…
Property auctions could be set to rise as we come out of the pandemic. The impact of the lockdown may require property owners to change strategy and seek to dispose of stock superfluous to requirements. Many pubs and restaurants if unable to trade until December could be severely impacted and investment owners may look…
Reasons to be optimistic in the mid-term? One positive is that low interest rates should be available for a while and will likely be held low until the economy recovers. Although it is possible we could see some inflation as a result of quantitative easing, it is unlikely to happen quickly with businesses being…
Recent statistics suggest that the housing market is showing price increases across the country. The North appears to be leading the way although the London area also saw increases. Interestingly there are some quite strong regional disparities with property values increasing by 300% more in Yorkshire as in south-east England. Information from the Land Registry…