While listening to the budget, I could hear huge sighs of relief, especially from the 100,000+ movers who were very worried their purchase might not go through in time for the SDLT holiday. On the other hand, the industry probably gave a sigh of relief, then a sharp intake of breath knowing some new cliff edges had been created and there will be little time off certainly until the end of June 2021.
However, I think this is better than being in the situation those in the catering and hospitality industry are in, and I think the remarkable strength of the property market – both in sales and lettings – will help to keep the market buoyant for some years to come.
The reality is we are in for a pretty exciting year this year. Market wise, demand seems to have gone through the roof again and will remain in positive territory probably until the summer – bearing in mind it’s unlikely we’ll repeat the strength of the 2020 market in the second half of the year this year, both boosted by the SDLT extension and the government’s support for 95% LTVs from April.
Savills have been the first off the blocks to assess the impact of these policies with their new forecasts for this year, and lets bear in mind how pessimistic everyone one was this time last year:-
Source: Savills
Interestingly, although the forecasts have changed to positive for this year, the 5 year forecast hasn’t changed that much, so it’s really ‘bringing forward’ some of the future growth expected, which is good news for buyers and sellers as it makes for a steadier moving market over the next few years.
For more information on the budget, read my article 'Any surprises in Rishi Sunak's Budget in 2021?'
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