UK Property prices rise after stamp duty cut, say
Rightmove
Rightmove
The UK housing market is rebounding fast after a tax
cut by the Chancellor Rishi Sunak, according to the property website
Rightmove.
cut by the Chancellor Rishi Sunak, according to the property website
Rightmove.
The number of sales agreed in England soared by 35% in the
five days following Rishi Sunak's announcement on July 8, Rightmove said.
five days following Rishi Sunak's announcement on July 8, Rightmove said.
The property market was showing signs of recovery, from a
low in April, with agreed sales in England up 15% in June.
low in April, with agreed sales in England up 15% in June.
Sunak raised the threshold for paying the stamp duty tax on
property purchases up to £500,000 until March 31, 2020.
property purchases up to £500,000 until March 31, 2020.
Rightmove added that asking prices rose by 3.7% between June
and July, with Estate Agents reporting increased interest and a shortage of property
for sale.
and July, with Estate Agents reporting increased interest and a shortage of property
for sale.
However, mortgage lenders Nationwide and Halifax reported
falls in house prices and mortgage approvals which slumped to the lowest on
record in May, according to Bank of England data.
falls in house prices and mortgage approvals which slumped to the lowest on
record in May, according to Bank of England data.
Rightmove said buyer enquiries across the UK since the start
of July leapt by 75%.
of July leapt by 75%.
Last week, Andrew Bailey, the Governor of the Bank of
England, said there were signs of activity returning "quite strongly"
in the housing market.
England, said there were signs of activity returning "quite strongly"
in the housing market.
During the lockdown visits to Rightmove's website fell by 40%
and most agents were closed for business.
and most agents were closed for business.
The news comes at a time when hardly a day goes by without
another announcement of redundancies and losses by a major employer. As many as
9 million workers are still on furlough and the OBR said unemployment could
reach 4 million if the economy does not bounce back quickly.
another announcement of redundancies and losses by a major employer. As many as
9 million workers are still on furlough and the OBR said unemployment could
reach 4 million if the economy does not bounce back quickly.
Mortgage shortage coming as lenders start to tighten
their belts, due to Coronavirus
their belts, due to Coronavirus
Mortgage loans are being squeezed as lenders reduce number
of products
of products
Banks have informed the Bank of England that the supply of credit
will fall this summer due to coronavirus pressures.
will fall this summer due to coronavirus pressures.
Lenders are taking a cautious approach to offering home
loans, which is understandable in the current market where borrowers face
uncertainty over their jobs and income. Lenders fear the number of borrowers
defaulting on repayments could rise again.
loans, which is understandable in the current market where borrowers face
uncertainty over their jobs and income. Lenders fear the number of borrowers
defaulting on repayments could rise again.
Borrowers are reporting long delays in getting mortgages
agreed and processed as lenders deal with backlogs.
agreed and processed as lenders deal with backlogs.
Is it still worth investing in buy-to-let property?
Investment in buy-to-let properties can still be profitable
when done professionally. However, there are still many other opportunities
to make money in property without the need for buy-to-let mortgages, large
deposits or high rates of tax.
when done professionally. However, there are still many other opportunities
to make money in property without the need for buy-to-let mortgages, large
deposits or high rates of tax.
1.
Mortgages will become more difficult to
obtain with less products
Mortgages will become more difficult to
obtain with less products
2.
Mortgages are more expensive and less
competitive fixed rate offers
Mortgages are more expensive and less
competitive fixed rate offers
3.
Demand for new mortgages is down say
lenders due to lockdown
Demand for new mortgages is down say
lenders due to lockdown
4.
Government planning CGT ‘tax grab’ on buy-to-let
property investors
Government planning CGT ‘tax grab’ on buy-to-let
property investors
5.
“No DSS” tenant blanket ban by buy-to-let
landlords ruled ‘unlawful’ by Judge
“No DSS” tenant blanket ban by buy-to-let
landlords ruled ‘unlawful’ by Judge
6.
UK economy grew by 1.8% in May, 24.5%
smaller than it was in ONS reports
UK economy grew by 1.8% in May, 24.5%
smaller than it was in ONS reports
7.
UK's mobile providers will be banned from
buying new Huawei 5G equipment
UK's mobile providers will be banned from
buying new Huawei 5G equipment
8.
Singapore’s economy plunged by 41% in the
last quarter the largest fall ever
Singapore’s economy plunged by 41% in the
last quarter the largest fall ever
9.
Nationwide now lending 90% for first time
buyers reversing previous change
Nationwide now lending 90% for first time
buyers reversing previous change
10. Stamp
Duty slashed until 31 March 2021 by raising the threshold to 500,000
Duty slashed until 31 March 2021 by raising the threshold to 500,000
11. Chancellor
Rishi Sunak keen to boost the property market and “build build build”
Rishi Sunak keen to boost the property market and “build build build”
13. Opportunity
is everywhere for everyone, especially in property! But you have ACT!
is everywhere for everyone, especially in property! But you have ACT!
14. Even
the 'Secret law of attraction' requires you to get off your ass and TAKE
ACTION!
the 'Secret law of attraction' requires you to get off your ass and TAKE
ACTION!
15. Homeowners
will get vouchers of up to £5,000 for energy-saving improvements
will get vouchers of up to £5,000 for energy-saving improvements
16. The
poorest will receive up to £10,000 in £2 billion energy saving grant scheme
poorest will receive up to £10,000 in £2 billion energy saving grant scheme
17. Will
your job be one of millions phased out by automation, innovation and AI?
your job be one of millions phased out by automation, innovation and AI?
19. Time
to your economy or Uconomy started whatever the economy is doing!
to your economy or Uconomy started whatever the economy is doing!
20. You
can create a second income during the lockdown…and come out stronger
can create a second income during the lockdown…and come out stronger
Millions of people face a bleak future post-Coronavirus
lockdown, as businesses disappear and the job furlough scheme eventually comes
to an end. However, life doesn’t have to end because of lockdown! You can join
thousands of ordinary people who have increased their income and added
streams of new income during this period.
lockdown, as businesses disappear and the job furlough scheme eventually comes
to an end. However, life doesn’t have to end because of lockdown! You can join
thousands of ordinary people who have increased their income and added
streams of new income during this period.
Are you ready to adapt to the new economic model?
As lockdown restrictions around the world are being eased,
the economic model has subtly changed forever. How will you adapt to this new
way of working and running a business, what obstacles and opportunities lies
ahead? Will you be a participant or spectator in this revolution?
the economic model has subtly changed forever. How will you adapt to this new
way of working and running a business, what obstacles and opportunities lies
ahead? Will you be a participant or spectator in this revolution?
By Charles Kelly, Property Investor, Author of Yes, Money
Can Buy You Happiness and creator of Money Tips Podcast.
Can Buy You Happiness and creator of Money Tips Podcast.
There are more examples and practical
steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3
R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it
out on Amazon http://bit.ly/2MoneyBook.
steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3
R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it
out on Amazon http://bit.ly/2MoneyBook.
If you’d like further information on how to survive the
crisis and even quit the rat race, email me at Charles@CharlesKelly.net
or send me a message through Facebook or my Money Tips Daily community. See
more articles at www.moneytipsdaily.com
crisis and even quit the rat race, email me at Charles@CharlesKelly.net
or send me a message through Facebook or my Money Tips Daily community. See
more articles at www.moneytipsdaily.com
No comments:
Post a Comment