Property Investors Weekly News: 13/7/2020
This week we’ve pulled together some of the hottest news stories in the property world for your reading pleasure! So strap in, turn off the tv and get ready for some updates:
Stamp duty holiday: How will it work?
The government has temporarily increased the stamp duty threshold to £500,000 for property sales in England and Northern Ireland, until 31 March 2021.
This means anyone completing on a main residence costing up to £500,000 between 8 July 2020 and 31 March 2021 will not pay any stamp duty, the more expensive properties will only be taxed on their value above the amount.
London rents dip but other areas flourish
The typical London rent has dipped by 1.7% to £1,583 per month, research from HomeLet has found. Other areas such as the North West of England have fared better. The North West saw rents increase by 6.6% between June 2019 and 2020 – totaling £758 per month.
Stamp duty holiday: Rightmove reports record traffic on Rishi Sunak’s mini-Budget day as millions rush to cash in on tax saving
A record number of potential home buyers and sellers rushed to Rightmove on Wednesday last week as Rishi Sunak confirmed the eight-month stamp duty “holiday”. It is reported that 8.5 million people flooded the site.
Sunak to unveil £2bn home insulation scheme
Hundreds of thousands of homeowners are to receive vouchers of up to £5,000 for energy-saving home improvements, with the poorest getting up to £10,000.
The Green Homes Grant scheme can be used for anything from draft proofing to double or triple glazing and insulation.
Make sure to check your inboxes on Wednesday morning for an exciting deal landing in there from us.
Have a great week and speak to you soon!