Where did the Week go!

Weekly Summary 24th July 2020

Interesting news this week IF the headlines materialise into reality! The week of Big Issues!

Huge shake-up of leasehold property rules proposed by Law Commission

The Government has appointed a Commission to study the sector which it said, “has far too many problems including disproportionate costs to extend leases; poor value property management; and a slow and costly sales process”. Not before time!!!

Is Capital Gains Tax (CGT) fit for purpose? The government wants to know!

Do not be alarmed YET by the headlines, but as the saying goes ‘there is no smoke without fire’…

The Treasury has launched a review of the capital gains tax system to “ensure the system is fit for purpose”. It would be rare that this would not then evolve into being part of the Autumn Budget… how this will impact Homeowners and BTL landlords has the property industry up in arms already. Allowances, exemptions, reliefs and losses are all under review…

Changes to the planning system to go live in September 2020

Fast Track planning permissions in order the UK can build, build, build will be finalised this week… it is not without its Supporters nor its Opponents as you would imagine… but the developers and the home extenders have a lot to look forward to..

Sales volumes turbocharged by stamp duty holiday, says Rightmove

Asking, Asking, Asking…. Sales Volumes in Rightmove language are not Sold Prices they are Asking prices, but it does seem that more sellers have been encouraged to consider a sale. Are these price increases a reflection of the market increasing or an indication that they believe the buyers are saving on SDLT and may therefore pay more… only time will tell!