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?”
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”
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.
The latest house price data suggests that many people who do not yet own property will not do so for quite some time. The cost of the typical UK home has risen to more than £250,000 for the first time, according to Halifax.
Buyers risk missing the Help to Buy and stamp duty deadlines. Nearly one in four agreed sales has collapsed so far this month.
The UK Housing Review published its Autumn Briefing Paper this month, with the document making for uninspiring reading for both private renters and aspiring homeowners looking to plant their first foot on the property ladder. The report, which acts as a supplement to the main spring review, identified a number of vital issues yet to be fullyContinue reading “As Covid’s second wave arrives, UK government grasps for answers on the housing crisis”
The unprecedented economic conditions, owing to the coronavirus pandemic, and a messy Brexit has created unusual circumstances in the UK housing market. The real estate prices are high, and mortgage applications have spiked up, while the approval rate of mortgages has drastically gone down.
For a moment, it seemed as if the UK real estate sector was experiencing a boom in the weeks after the covid lockdown ended. Despite the steepest drop in GDP in the country’s history, the increased demand brought about by months of inactivity in the sector led to a rise in house prices.
The COVID-19 global pandemic that swept the UK – and the world – earlier this year has evidently had a huge negative impact on people’s lives, as well as heavily impacting many industries and businesses. One of the areas to have been worst affected, however, may well be the UK property market.
The UK is “ill-prepared” to deal with housing problems exacerbated by the COVID-19 pandemic, with younger households set to suffer most, the Chartered Institute of Housing (CIH) has warned.