So it’s “the week in summary” for UK property….
Eviction Extensions………. The government have extended the ban on evictions until late August 2020 (two months longer than originally planned) …. A disappointment for landlords & letting agents… who are already doing all they can to assist tenants, but a successful pressure plan from Shelter and Generation Rene, two leading tenant support organisations
Rightmove saw an increase of 22% in Rental Demand recently compared to the same day last year… showing in their view more folk on the move than pre-lockdown…. Why? Working from home long term, breakdown in relationships (lockdown pressure) bereavement, or even expectation of repossession when the UK market reopens The reasons are multiple… Housing shortage will be tested…
SDLT Holiday? A July mid term budget is expected and with the pressure from law firms and estate agency groups a SDLT adjustment could be on the cards….. including for BTL landlords to meet the demand of Renters and potential new Renters…. the government used this in 2008 and on other occasions, used threshold changes for 1st time buyers and all buyers as a stimulus… we will soon know, if they will do it again!!
Nationwide reports a 1.7% price fall in a month for May 2020, the largest monthly drop in 11 years….. but their opinion is also that the raft of financial policies brought in for support should help ensure the impact on the housing market than would normally be associated with an economic shock of this magnitude