Property Update – June 2021
“Time is running out on the Stamp Duty Holiday as house prices hit seven-year high. Tenants and landlords are to receive additional support as restrictions ease.”
By Jemma Holden, Managing Director
STAMP DUTY DEADLINE
With the Stamp Duty Holiday deadline looming, we are advising those with property sales in progress to push through completion in order to take advantage of the potential savings, when in a chain.
The deadline for properties valued up to £500,000 is June 30th, however those with properties selling for up to £250,000 have a little more time. The deadline for these properties is the end of September 2021.
TENANT / LANDLORD SUPPORT
Renters will continue to be supported as national COVID-19 restrictions ease, with longer notice periods in place until at least October, Housing Minister Christopher Pincher has announced.
As part of a phased approach, notice periods – previously extended to 6 months as an emergency measure during the pandemic – are now set at 4 months.
Subject to the public health advice and progress with the Roadmap, notice periods will return to pre-pandemic levels from October 1st.
The current ban on bailiff-enforced evictions, introduced as an emergency measure during lockdown, ended on May 31st.
The measures will ensure renters continue to be protected with longer notice periods for the coming months, while also helping private landlords who are highly vulnerable to rent arrears.
HOUSE PRICES AT A HIGH
Annual average UK house price growth jumped 10.9% last month, marking the highest level in nearly seven years.
Nationwide said prices stood at £242,832 last month (May). That was up 10.9% from the same month last year, or up £23,930 over the last 12 months. The figure was 1.8% higher in month on month terms.