2020 has been an unpredictable year and has had a big impact on the property market. It is easy to focus on the negative news, however the have been some positives over the last few months.
Below we round up some of the more positive news stories this month:
At their recent party conference, the Government has pledged to fix the broken housing market by offering first time buyers the chance to take out a long-term fixed rate mortgage of up to 95% of the value of their home. Read more here.
Funding for interim accomodation
The Government has made £91.5 million available to 274 local councils to ensure interim accommodation and support for the most vulnerable people is made available, including by helping people into the private rented sector, secure interim accommodation such as supported housing, and assess the wider support these people need in order to rebuild their lives. Read more here.
Funding to tackle homelessness
The Government has also made an additional £161 million fund intended to provide over 3,300 additional supported homes this year for those sleeping rough or currently housed in emergency accommodation. Read more here.
Escape to the country
People are reconsidering their work/life balance and the opportunity of working from home in order to move into larger rural homes and out of the city. Read more here.
Stamp Duty suspension
Stamp Duty has been suspended for residential property sales up to £500,000 until 31st March 2021 which has helped fuel a mini housing boom. Read more here.
Property market rebounding wellThe latest Savills report for Autumn 2020 predicts a stronger than anticipated rebound with a price growth in 2020, going against predictions from earlier in the year of a slump in property prices. Read more here.
Pinney Talfourd are experts in residential property litigation and can advise you on changes to the law so you are given up to date advice.
This article was written by Oliver-James Topping, Solicitor in the Residential Property Litigation at Pinney Talfourd LLP Solicitors. The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. Specific legal advice should be taken on each individual matter. This article is based on the law as of October 2020.