I was interested to read the other day that ex-Housing Minister, Dominic Raab, has laid out a set of recommendations to give the housing market a boost.

First and foremost, he has suggested raising the Stamp Duty threshold by scrapping the tax on property transactions in England and Northern Ireland worth £500,000 or less. Scotland and Wales have their own devolved powers to set taxation levels on property purchases.

Stamp Duty has seen quite a few changes in recent years. In 2016, private landlords were hit by a 1% surcharge on purchases of second properties. First time buyers benefitted a year later when Stamp Duty was scrapped for them on properties worth up to £300,000. They also benefit from a reduced rate on purchases up to £500,000.

Amongst Mr Raab’s other suggestions are:

• To allow more government land to be released and give councils more power to sell sites to smaller developers
• Design by tender after outline planning permission is received
• To make fewer impositions on councils that do not get enough properties built
• To scrap Capital Gains Tax (CGT) for landlords on up to £35,000 if they have sold a property to a sitting tenant
• The digitalisation of Land Registry records
• Support for more modular housing

In addition, he would like sanctions to be introduced for developers who fail to build houses at the rate they promise when they secure planning permission on land they have purchased.

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Covid -19 Lockdown Update

We hope you are all staying well and safe in these very confusing times.

We are very pleased to say that with the impending second lockdown restrictions we are able to stay open and can fully function.  It just goes to show how important to the Government and the economy the residential property market is.

It is not yet confirmed as to whether our branches will be open to the public, but we can be contacted by telephone or email. 

In Summary this means

  • Buyers, sellers and tenants will continue to be able to move.
  • Removal firms, although busy are able to operate.
  • We can arrange valuations and do viewings on properties (subject to strict PPE being in place)
  • Surveyors and valuers for mortgage purposes will continue to work.

In the meantime, we will continue to follow the covid-19 safety guidelines:

  • Face coverings to be worn on all viewings.
  • Hand sanistiser to be used before entering a property.
  • Avoid touching any surfaces.
  • Viewing time is limited to 15 minutes inside the property.
  • No more than two households inside the property at any one time. This includes the agent accompanying.
  • No children permitted at viewings unless they are young enough to be carried. (Children are likely to touch surfaces).

This is good news for the property market and we will keep you updated as soon as there are any further developments.