Lockdown and Stamp duty cliff face cooling market significantly, claims RICS
RICs says activity has been coming off the boil since early December and that lockdown will mute home moving further.
Estate agents say the housing market is set to call during the run up to the stamp duty holiday deadline as both it and the national lockdown mute home moving activity, reports RICS
RICS says agents reported the property boom continuing the run up to Christmas but that activity had already begun to cool; buyers were still thick on the ground although 10% fewer than in November.
However to add to this, it has been official that THERE WILL BE NO STAMP DUTY HOLIDAY EXTENSION.
Growth in the number of appraisals softened too, ut remained higher than in the comparable period 2019.
Alongside this, agreed sales continued to increase, with +18% of agents reporting a rise, but again at a slower pace than in November.
The vast majority of agents say house prices rose last month, except in London where the ‘escape to the country’ exodus has muted demand.
“Although the housing market remains open for business in the midst of the latest national lockdown, there is a sense from respondents to the survey that the new restrictions will still impact on transaction activity over the coming months,” says Simon Rubinsohn, RICS Chief Economist.
“This is most visible in the negative reading for sales expectations over the next three months when typically, with the expiry of the stamp duty holiday approaching, this series would be expected to remain firmly in positive territory.”
North London agent Jeremy Leaf says: ‘Our expectations are that housing market activity will be sustained – but certainly not at the same frenzied pace we saw on the ground over the last few months of 2020.
“That’s partly because the overwhelming majority of sales agreed are still proceeding and prices are not being renegotiated.”
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A THIRD OF LANDLORDS SAY THEY’LL SELL-UP DUE TO PANDEMIC
Newly released research from the National Residential Landlords Association has revealed that over half of private landlords have lost rental income as a result of pandemic with a third also indicating that they were now more likely to either leave the market entirely, or sell some of their properties.
Interim findings from a new NRLA survey for the fourth quarter of 2020 have found that 56% had lost rental income as a result of the pandemic, with 12% having lost more than 20% of that income.
Of all those who had lost rental income, 22% had lost more than £5,000 and 59% had lost more than £1,000. 36% said that the losses are continuing to increase.
The findings show also that 26% of respondents had lost non-rental income because of the pandemic, with 12% having lost more than 20% of this. Of those who had lost non-rental income, 41% have lost more than £1,000, with 20% having lost more than £5,000.
Ben Beadle, Chief Executive of the National Residential Landlords Association said, “Although most landlords have done everything they can to help tenants affected as a result of the pandemic, we have now reached the end of what they are able to do.
“Simply continuing to ban repossessions just means that tenants struggling to pay their rent are accumulating more debt reducing the chances that they will be able to pay it off. This ultimately will put more renters at risk of losing their homes.
“Ministers need to develop a proper plan to sustain tenancies and help the rental market recover. This needs to include a financial package to enable tenants to pay off any arrears built as a direct result of the pandemic.”
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With Rent Guarantee, you will get your RENT every month on TIME with no late payments or your tenant skipping to pay you. TRY OUT GUARANTEED RENT 365 DAYS A YEAR!
Goodbye 2020! Hello 2021!
Now the book has END and a new 365 days book has begun. Stop thinking and start doing. Don't sit around, go and act on it. Don't let fear inside you, beat it and be fearless. Think of what you want to achieve and start doing it, but mostly make sure you are HAPPY this year!
IT’S NOT SURPRISE THAT COVID-19 HAS WREAKED HAVOC ON THE PROPERTY LETTINGS INDUSTRY.
Going through the first lockdown with everything being closed and people loosing jobs more landlords started to have empty properties. Now we are in lockdown 3 and not sure when it will finish.
As a landlord, you rely on the assurance of receiving rent monthly and on time. but at a time where many tenants have left London, people are no longer moving homes in the city, and the tourism short-term let industry has ground to a halt, many landlords are being forced to seek new solutions to fill their properties and guarantee their rent payments.
But letting a property independently often means rent is not guaranteed, leaving many landlords during the current Covid-19 pandemic without rental income. What’s more, social distancing measures are leaving a risk of empty properties destined to stay vacant. SO, what can landlords do to get their rental payments back on tract, while helping to ease the city’s housing crisis?
GUARANTEED RENT DURING COVID-19
Guaranteed Rent schemes are an ideal solutions for landlords looking to maintain their income during this pandemic. In these schemes, landlords are promised their monthly rental income by guaranteed rent providers- whether their property is occupied or not. The providers will be entrusted with all property management and tenancy arrangements during their partnership, offering landlords peace of mind and providing a sense of normality during a period that is far from normal.
The Guaranteed Rent product is traditionally opted for landlords who are looking to fill their properties to let on a long-term basis with zero hassle. However, the schemes have adapted to become an ideal solution or landlords who traditionally let their homes on a short-term basis, such as landlords typically relying on holiday - let platforms such as Airbnb. Guaranteed rent schemes have therefore become crucial lifeline for many landlords who rely on short-term lettings to supplement their income and are currently unable to do so due to Covid-19 travel limitations.
Diwali is the five- day festival of lights, celebrated by millions of Hindus, Sikhs and Jains across the world. Diwali it is also know as harvest and new year celebration. It is a festival of new beginnings and the triumph of good over evil, and light over darkness.
The festival is usually between October and November, with the dates changing every year. This year it begins today on 12th of November and it lasts for 5 days with the main day falling on Saturday 14 November.
The word ‘DIWALI’ comes from the Sanskrit word deepavali, meaning “rows of lighted lamps”. Houses, shops and public places decorate with small oil lamps called diyas. Children enjoy it with sweets, presents and fireworks.
Further on, each religion marks different historical events and stories. Hindus celebrate the return of deities Rama and Sita to Ayodhya after their 14-year exile. They also celebrate the day Mother Goddess Durga destroyed a demon called Mahisha.
Sikhs particularly celebrate the release from prison of the sixth guru Hargobind Singh in 1619, with the festival happening before this date.
The traditions vary between religions when many lights and oil lamps are lit on the streets and in houses, people visiting their relatives and have feasts as well as fireworks and festivities are an essential part of the occasion. Finally but not last, Lakshmi, the ‘Hindu’ goddess of wealth, is worshipped as the bringer of blessings for the new year.
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