Allan's November Market Update
Published: 01/11/2020 By Allan Fuller
On the brink of another lockdown I can say that for all of us around the world this has been a year unlike any other, and it sure ain’t over yet.
So far we have been told we can stay working from the office, last time we all worked from home and our property managers were especially busy, this time probably more so as at this time of year heating system failures and leaks are bound to increase, fortunately we have excellent contractors who are on call. If we have to work from home out landline calls are diverted to our mobiles and we all log onto our office systems.
The stamp duty ‘holiday’ has certainly increased activity in the sales market, it finishes at the end of March next year. Effectively this has meant that, in most cases, to benefit as a buyer you will need to have a purchase agreed and under way before the middle of December due to the time that transactions take. The lockdown could make even this timescale difficult to achieve. There has already been lobbying of the Chancellor to extend the scheme, now we have the lockdown it is bound to intensify. We have to concede that the debt mountain of the country is reaching monstrous proportions and has to be paid somehow. I doubt that there will be any announcements until the budget next year, although a change in the rates would be welcome, the current system that was initiated by George Osbourne was overdue for reform, we can only hope that Rishi Sunak agrees!