UKPA Blog

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.

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.”

INSTEAD OF SELLING WHY NOT TRY THE RENT GUARANTEE SCHEME. 

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 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. 

Happy Diwali to Everyone!