What will house prices do this year? Do we sit and wait patiently for the much-predicted house price crash in the next few months, or will the UK property market bounce back following the stamp duty holiday announcement?
If, like me, you are confused by the latest figures released by Rightmove, which show a 2.4 per cent house price surge compared to March in the month leading up to 8th July 2020. This number comes in only a few weeks after other house price data was showing a steady decline, with the first annual house prices fall (of 0.1 per cent) since 2012. Buyers and sellers alike are struggling to get their heads around these fluctuations understandably!
It would seem that the government’s stamp duty holiday plan is paying off, at least in the short term: the cancellation of all stamp duty payments on properties up to £500,000 has inevitably resulted in a spike of buyer interest – and in sellers being able to raise asking prices, bringing up the average property price in the UK to £320,265.
To find out more about the effect this is all having on Nuneaton house prices whether you are buying or selling, please feel free to drop us an email at email@example.com.
….me being one of them!
So, i’m doing my best to retain some sanity whilst sat at home trying to run a business, home school my 5 year old, trying to block out the constant chit chat while i’m responding to emails and taking calls. It’s all good fun! I’m sure a lot of you are in the same boat (some of you will have the even bigger challenge of multiple children… enjoy!).
I’ve not been doing so many written blog posts on the Coronavirus because I’ve mostly been doing video blogs for landlords and tenants, helping them to decipher the vague announcements from the govenrment over the last few days. If you want to see any of the videos, please click here.
Unless you’ve been living under a rock for the last week, you will know that the government have announced that lenders will be offering a 3 month “mortgage holiday” to help relieve the financial pressures of those “impacted” by COVID-19. They also said that there will be a complete ban on evictions for the next 3 months to ensure that tenants are safe during this time of uncertainty. Both fair. Both necessary.
However, what was not made clear was what happens in the event that tenants cannot pay the rent and STOP paying the rent. The landlord may have the mortgage holiday but they have to pay this back eventually and are losing income in the mean time. Do tenants have to pay the lost rent back?
I have a couple of contingency plans in place in case this happens. If you would like to know what they are, please feel free to get in touch.
I know i’m a bit of a joker at times but, I just wanted to say that if any of you are feeling anxious or worried at this time about what will happen to you, your tenant or your investment property, please feel free to get in touch for a chat. I may not have ALL the answers but i’m hear if you need me.
If you do call, please excuse the noise in the background. It turns out that 5 years old aren’t particularly quiet!!
wishing you all the best. Stay safe.
You may have read my blog last week about the clever clogs
who suggested that landlords provide a 3 month rent free period to their
tenants if they are unlucky enough to get the COVID-19 virus and just take the
financial hit (more like Thor’s hammer to the face!).
Well, I read today that lenders are looking to support their
clients by offering a 3 month holiday from mortgage payments if they are
affected by the virus. At the moment it is only RBS but other lenders are
likely to follow suit.
The article by “The Negotiator” states that “With the fallout from COVID-19 likely to last many months, and some experts predicting another financial crash, the speedy move will go some way to maintain confidence in the market.” I am inclined to agree with this and say “hoorah” to the sensible lenders who are good enough to support their clients…and the economy as a whole!
I hope this doesn’t affect any of our readers and I hope you
all stay safe and healthy over the coming weeks/months. Elbow bumps to all of