The consumer group HomeOwners Alliance (HOA) claims one in six UK adults have shelved plans to purchase a new home given the uncertainty ‘Brexit’ has caused over the last 12 months.
The HOA says that across the UK one in six of those who had started looking stated they had put their moving plans on hold, citing ‘Brexit’ as the reason. This rose to over one in five in Northern Ireland and over one in four in the north east of England.
In a separate recent study, published on March 28th and comparing the first three months of this year to last year: transactions have fallen 32% across London and 18% across England and Wales.
Donald Collins, Sales Director, puts the figures into context.
“We know from our own research that Ealing as a borough is on course for around 2000 sales for the year to May ’17.
“Historically, this is a lot less than in previous years. Back in the early 00’s, Ealing used to have volumes of around 6000 per year for sales in the Borough.
“Given the popularity of buy to let in those last 17 years, people who have traditionally moved have now retained their properties and this has resulted in falling transaction volumes.
“However, in recent years the volumes have been running at around 3500 – 4000. With that in mind, 2000 is a low figure and in keeping with the national research highlighted above.
“Buyers could see this as a great opportunity to purchase a property. If you take the view that house prices move up over the longer term this could be an ideal window of opportunity to secure your next move.
“The media constantly refers to falling volumes as being linked to values; however, this measure is flawed as less volume indicates fewer buyers but also fewer properties available to buy."
Our Ealing office won the best sales branch of the year for 2019 in the All The Agents awards. All The Agents is the most reputable review platform for Estate Agents and to win this top award for the competitive W5 region is an amazing accolade.
Important changes are coming to Capital Gains Tax (CGT) from the new tax year that clients should be aware of.
From 6 April 2020, CGT incurred following the disposal of a residential property will have to be paid within 30 days of the completion date. At present tax payable is due by 31 January following from the allotted tax year. (Previously if you sold a property on 1 May you would have 20 months longer to pay the tax due).
Furthermore, Private Residence Relief will be eroded from 18 months to 9 months (it was 36 months in 2014), and Letting Relief will only count if you were having a lodger in the period of question as opposed to renting the property out completely.
Call us on 020 8992 0333 or email email@example.com if you would like to discuss your options.