Published: 10/11/2020 By Tam van WykNovember is traditionally a time of bonfires and fireworks. Not this year. Like so many things, it has been hit by the never ending saga of Covid. Now, once again, we are in lockdown. I am pleased to say, though, the property industry has been spared the worst of it and remains open for business. It means people are free to move home if they need, whether they are renting or buying. And we are here to help. Initially, we weren’t sure if we would have to work remotely but the government later confirmed our offices could also remain open.
It’s especially welcome news for those in the midst of trying to buy and sell before the stamp duty holiday comes to an end in March. However, time is already tight and the lockdown will add to that pressure. We have no idea, as yet, how much of an effect the lockdown will have on such things as conveyancing and valuations. That kind of work will continue but there are already considerable delays and any further disruptions will not be helpful. If you have any concerns in those areas, please feel free to give us a call and we will do our best to help.
Everyone in the industry is now lobbying for an extension to the stamp duty holiday. It would certainly help smooth things out but there’s no way of knowing whether it will happen. More importantly, it would also really help rebuild the economy. Mind you, the government has already spent a lot of money propping up businesses and, sooner or later, they are going to be searching for additional tax revenues rather than offering discounts.
The property market, despite it all, continues to forge on, although in London, prices remain sensitive for both the sales and rental sectors. There is therefore the very real risk that any overpriced homes will get stuck on the market, so it’s really important people are realistic about their expectations.
Okay, well that pretty much wraps it up for this month. By the time I write my next missive, fingers crossed, it should all be over. And, with the many vaccines now seemingly on their way, the future is beginning to look a whole lot brighter.