Economic Update – June 2021

This week, we were again privileged to hear the latest thoughts from our friendly behavioural economist Roger Martin-Fagg.

Roger uses his study of human behaviour to predict economic trends, and the impact they will have on UK industries. Regular readers will remember me saying that Roger describes himself as being “…broadly right, the majority of the time…”, and his predications for the last year or so have followed this pattern, despite many of them not being widely held views at the time!

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Stamp Duty Holiday Extension

Whilst we are technically still awaiting confirmation in next week’s Budget, I am sure many of you will have seen the news that the government have decided to extend the current ‘Stamp Duty Holiday’.

Chancellor Rishi Sunak is set to push the March 31st deadline back a further 3 months to the end of June, and although it has not been confirmed whether this extension will encompass ‘new buyers’ or just those already in involved in a sale who fail to meet the current March 31st deadline (which is currently estimated at over 100,000 transactions!), it will be welcome relief to many (including thousands of solicitors and conveyancers!!).

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Rental Property in High Demand!

 

With all the uncertainty over what we can and can’t do during the latest lockdown, and the various rumours floating around over whether restrictions are going to be tightened or lifted, it’s easy to forget people still need somewhere to live.

In our lovely part of the world, the rental market is seeing huge numbers of people looking for a new home to rent. Indeed, just this week, within 48hrs of putting a couple of properties live on the market, we were inundated with over 70, yes 70, enquiries! (Needless to say, the properties were let the following day!)

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Stamp Duty Holiday Part 2

Stamp duty holiday for 265 days from today!

Well we didn’t imagine that the esteemed Chancellor Rishi Sunak would this week, provide us with a really positive, helpful, and cost saving topic for the local and national property market – but he did bless him!

As many of you will already know our local property market is generally buoyant, and in some areas extremely active. Those who follow these updates will have seen last week’s that referred to simply excellent activity and results in June (in several of our offices they were better than June 2019!).

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Communication is key…

A great number of people in the UK, whether they are single, in a relationship, or a family, are re-evaluating their lives, and indeed their futures, and future aspirations.

As those who read our comments and thoughts will know, we believe this “new world” thinking will impact on our local and regional property market in many different ways.

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