The buy to let sector has seen a tremendous amount of change over the past few years in order to help rebalance the property market, with key pieces of legislation such as the Tenant Fees Act and the recent Electrical Safety Standards regulations. The changes to stamp duty will go some way to reigniting the buy-to-let market and offers landlords a tremendous opportunity to make the most of the tax changes.
2020 has forced us to make many changes in our lives, from home working, to self-isolation, it has created a time period for us to step back and re-think what is most important to us. As life slowed down many transformed their lifestyles and now need their homes to fit into this. This drive for change has already started to be noticed by agents and property portals, with a decrease in demand for the more vanity features and an increase in lifestyle practicality. Findings from a report released by the Royal Institution of Chartered Surveyors (RICS) have also confirmed the trends.
Rightmove’s latest house price index for June has found that asking prices have increased in England by 1.9% on average. This is compared to pre-lockdown levels indicating the market is ploughing forward despite the recent pause on activity due to the coronavirus outbreak. The number of new sales agreed has also shown a swift recovery now being only 3% lower than this time last year! This is a bounce back from 97% drop due to lockdown restrictions. The pent-up demand has certainly made its mark on the market getting the property market moving once more.
As we can now socialise with up to 6 family members and friends in outdoor spaces, including back gardens, a BBQ is a great way to have some fun with your favourite people whilst staying safe. However, there is now a bit more to think about with increased hygiene standards and social distancing crucial in preventing a second wave of the coronavirus. With the summer months well underway, we share how you can host a perfect BBQ.
As the United Kingdom was plunged into lockdown, we saw property portals and online property websites reporting huge numbers of visitors and this online activity is now being translated into sales agreed. Zoopla are reporting a huge spike in sales agreed with current figures now matching those back in early March when the market was booming, showing that the property market in England is experiencing a true resurgence post-lockdown.
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