Blog

Welcome to July's Newsletter

1st July 2016

NEWS: Heading for the door marked 'Brexit' Seismic. A political earthquake. Unprecedented. In the early hours of 24 June, the superlatives started to fly as it became clear that the British public had voted to leave the European Union. The political ramifications were immediately apparent: within hours, David Cameron had resigned and Boris Johnson was being talked of as his successor. The financial markets and the pound plunged. Yet in property terms — as with so much else connected to this historic vote — it's unclear as to what could happen next. Melanie Leech, Chief Executive of the British Property Federation, summed up the mood of many property experts and analysts, however, with her statement. “The priority for the government and the Bank of England must now be to stabilise the position and maintain confidence in the UK,” she said. Depending on what side of the remain/leave divide you are, this is either a desperately worrying and uncertain time — or the beginning of an exciting new era of UK growth and opportunity...

Welcome to June's Newsletter

1st June 2016

NEWS: Referendum time Brexit, we have been told, could cause a variety of problems, the biggest of which (by some margin) is World War Three. On the other hand, it has also been suggested that staying in the EU would be tantamount to appeasing Hitler. Yes: we've not had the most edifying or rational of debates in the run-up to the EU referendum. But at least it's here: the month when we put our cross in the box marked Britain 'in' or 'out' of Europe. There is, though, just time to squeeze in one more in/out warning. Echoing similar sentiments from the International Monetary Fund and the National Association of Estate Agents, Chancellor George Osborne has said that houses could be worth up to 18% less by 2018 if the UK votes to leave. Energy minister Andrea Leadsom from Vote Leave, meanwhile, said this was “an extraordinary claim” and that “the greatest threat to the economy is the perilous state of the euro.” So that's just as confusing as ever, then. Roll on 23 June.

Welcome to May's Newsletter

4th May 2016

NEWS: Rules and regulations It's been a turbulent time for the rental industry of late, with new rules coming into force that could make a significant impact on the market. The recent additional 3% stamp duty on second homes, for instance, has been followed by a regulation (first announced in the summer budget) that landlords won't be able to deduct 'wear and tear' from rental receipts before income tax is applicable. Some pundits believe that both of these measures will push up the price of rents; and one survey found that the stamp duty rise on second homes would discourage three-quarters of landlords from buying more properties. In other headlines, the National Audit Office has found that The Green Deal — the government's energy-saving programme that folded last July — cost taxpayers £240million, but failed to deliver 'meaningful benefit' on energy and carbon emissions. Only 14,000 households took out Green Deal loans.

Welcome to April's Newsletter

19th April 2016

NEWS: Did George blow his budget? It's probably fair to say that George Osborne's budget wasn't a resounding success. In fact, there was so much fall-out from it — namely the Iain Duncan-Smith resignation — that it was easy to forget that some of what the Chancellor said at the dispatch box had significant implications for the property market. For instance, landlords reacted with dismay to the announcement that residential property sales would be exempt from cuts to the rate of capital gains tax (CGT). And if anyone thought the Government would U-turn on the introduction of higher rates of stamp duty land tax (SDLT) on purchases of buy-to-let properties and second homes, they were disappointed. In fact, it's been reported that the number of buy-to-let mortgages increased recently as landlords rushed to beat the changes (a 3% surcharge on stamp duty) that came in on 1 April…

Welcome to March's Newsletter

2nd March 2016

Crowd controlled: Budget 2016 Oh joy: it's that time of the year again when the Chancellor of the Exchequer stands up at the dispatch box in the House of Commons to announce his Budget. Which means that this month — on 16 March, to be precise — we'll know what George Osborne has in store for the property sector. Unusually, the Treasury has crowdsourced this budget by asking members of the public to submit their own tax and spend ideas via a website. So we'll see how many of those get through... The other big news is the European referendum, which David Cameron has announced will take place on 23 June. The big unfathomable question is: what will happen to UK property prices if there's a Brexit?

Welcome to February's Newsletter

4th February 2016

NEWS: Good to share New year, new deal. The Government has announced that it is relaxing the rules of shared ownership — homes which people can part-buy and part-rent — so that, from April, those earning below £80,000 in England (£90,000 in London) will be eligible for the scheme. “By relaxing some of the existing restrictions, a potential 175,000 aspiring homeowners will be given the opportunity to own their own home, as well as allowing existing shared ownership homeowners the opportunity to step up the ladder,” says Mark Hayward, managing director, National Association of Estate Agents. “However, as with all housing promises, they can’t come quick, or big enough.” The Government also announced that it is imposing a five-year limit on new tenancies for council houses, meaning that tenants will no longer have the right to live in their council homes for life.

Welcome to January's Newsletter

1st January 2016

NEWS: Good to share New year, new deal. The Government has announced that it is relaxing the rules of shared ownership — homes which people can part-buy and part-rent — so that, from April, those earning below £80,000 in England (£90,000 in London) will be eligible for the scheme. “By relaxing some of the existing restrictions, a potential 175,000 aspiring homeowners will be given the opportunity to own their own home, as well as allowing existing shared ownership homeowners the opportunity to step up the ladder,” says Mark Hayward, managing director, National Association of Estate Agents. “However, as with all housing promises, they can’t come quick, or big enough.” The Government also announced that it is imposing a five-year limit on new tenancies for council houses, meaning that tenants will no longer have the right to live in their council homes for life.

Welcome to December's Newsletter

4th December 2015

Will George get Britain building? In the Commons at the end of November, George Osborne conjured several unexpected rabbits out of his Autumn Statement hat. His U-turn on tax credits hogged most of the headlines, but the Chancellor also had various major announcements to make regarding housing, including news of a 3% surcharge on stamp duty for buy-to-let properties and second homes from April 2016. This will hit landlords hard said critics, and could drive up the cost of rents. The Chancellor also said he was going to tackle the “crisis in home ownership” with a £7billion pledge to deliver “the largest house building programme since the 1970s”. That means delivering 400,000 new homes by 2020. It's very nearly 2016. Better get building.

Welcome to November's Newsletter

12th November 2015

News: Good for starters? David Cameron has pledged to do away with planning rules that require property developers to build affordable homes for rent — an idea that aims to increase the building of homes for first-time buyers. The Conservatives know they have to deliver on the promises announced in their manifesto: namely that 200,000 starter homes will be built over the course of the next Parliament, reserved for first-time buyers under 40 and sold at 20 per cent below the market price. Mark Hayward, Managing Director of the National Association of Estate Agents, says that while this is good news, 200,000 homes “simply isn’t enough bricks and mortar to lift us out of the crisis we currently find ourselves in.” So... will more be said about housing when George Osborne delivers his Autumn Statement on 25 November, alongside the government's spending review? We'll wait and see...

Welcome to October's Newsletter

1st October 2015

News: Jeremy's building ideas. It shouldn't really have come as a shock: the pollsters had been predicting it for ages. But when Jeremy Corbyn was named as the new leader of the Labour Party a few weeks ago, everyone looked surprised — even the man himself. So now his policies will be scrutinised like never before. According to his website, Corbyn's housing manifesto proposes to allow councils the right and means to commission new homes, in order to meet the demand for affordable housing in their own areas. “Under my ‘Vision for Britain 2020’ Labour will promote major council-funded, desirable energy efficient building projects to provide our young people with a good start in life, to stop paying exorbitant rents and the opportunity of a home they can at least call their own,” he writes.

All rights reserved © 2019 Shepherd & White     01163 666 326
Site by ExpertWeb