After lockdowns devastated UK real estate sector, could Covid clauses protect homebuyers and sellers?

After months of playing down the prospect of an extension to the stamp tax holiday for property sales of up to £500,000, UK Chancellor Rishi Sunak ultimately opted for a bold new set of stimulus measures for the British housing sector in the 2021 budget unveiled earlier this month. In addition to a three month extension toContinue reading “After lockdowns devastated UK real estate sector, could Covid clauses protect homebuyers and sellers?”

House sales taking 295 days to complete thanks to Covid

UK house buyers and sellers now wait for almost ten months to get their hands on keys and cash as the demand for property sees councils and legal professionals buried under an avalanche of admin. A deep dive into data from property websites and the Land Registry has revealed the runaway impact of the stamp-dutyContinue reading “House sales taking 295 days to complete thanks to Covid”

Falling house prices and forced sales fears: five reasons why the property market is in a tailspin

Warning signs are flashing red for the property market, as key indicators suggest house prices could plunge by more than 6pc. Property values could even start to fall before the stamp duty holiday comes to an end on March 31, experts have warned. The return of the tax is expected to accelerate the slump andContinue reading “Falling house prices and forced sales fears: five reasons why the property market is in a tailspin”

House prices dip as sellers race to agree deals before end of stamp duty holiday

Property asking prices have dipped as home sellers scramble to agree deals before the end of the stamp duty holiday, new figures suggest. Rightmove said prices for flats and houses advertised between 6 December and 9 January were down 0.9% on the previous month. Rightmove reported that the market was still busy, with the numberContinue reading “House prices dip as sellers race to agree deals before end of stamp duty holiday”

Has UK housing market run out of steam? Momentum slows, data shows

Housing market activity slowed sharply in December as the latest coronavirus restrictions had a negative impact on the sector. The latest residential market survey from RICS shows that while activity in the housing market has continued to increase, momentum has dropped significantly, and this trend looks set to continue. “Viewings across our businesses are down aroundContinue reading “Has UK housing market run out of steam? Momentum slows, data shows”

Housing market in England and Wales loses momentum

The housing market in England and Wales weakened in December as restrictions were tightened across both nations and the end of the stamp duty holiday drew closer, according to a closely watched survey. Sales, new inquiries, near-term transactions and house price expectations all softened in December, the Royal Institution of Chartered Surveyors’ monthly survey showedContinue reading “Housing market in England and Wales loses momentum”

Housing market faces more extreme pressure in spring

The end of the stamp duty break is expected to coincide with the unemployment rate hitting its peak. The 31 March could mark the start of a major downturn in the UK housing market or a slight easing in the frenzy of activity that greeted last year’s stamp duty break. Either way, if market prospectsContinue reading “Housing market faces more extreme pressure in spring”

Young family ‘devastated’ by loss of deposit due to Covid

A couple with a new baby lost their life savings of £33,000 when the buyer of their home lost their mortgage offer after exchange of contracts, collapsing their chain. And a study suggests that thousands more may have faced a similar nightmare.

UK house prices dip as sellers eye end of tax break – Rightmove

LONDON (Reuters) – Asking prices for British houses edged down in November as sellers sought to offload their properties ahead of the expiry in March of a tax break, according to a survey published on Monday by property website Rightmove.