Today, Wednesday 8 July 2020, Chancellor Rishi Sunak has announced that there will be a temporary cut to Stamp Duty.
The cut will take effect immediately and raises the threshold to £500,000 for all buyers.
The Chancellor said that he wanted to boost jobs in the sector and improve confidence of buyers and sellers, cutting SDLT is one way to do this.
Over the past couple of days the property sector has been in a slight frenzy, as the ripple effects of supposed Governmental leaks surrounding potential reforms to stamp duty land tax (SDLT) in a bid to regrow the economy following the coronavirus has been doing the rounds.
This should help stimulate the housing market and get things moving to try and get back to transaction levels seen atthe beginning of the year pre pandemic.
To take advantage of these measures and be in a position to respond, speak to us about our new “quoting & On-boarding” tools.
Covid-19 Industry guide to supporting a safe home moving process released today.
Re-Opening the Home Moving Market Safely May 2020
A cross industry guide to re-opening the housing market, enabling people to move safely will published today. The collaborative industry guide sets out in detail how home moves can take place while still fully complying with social distancing measures and Public Health guidance. “Re-Opening the Home Moving Market Safely” delivers practical advice for all involved in the home moving process and focuses on physical contact points and times when professionals would need to enter private residential properties. The guide was developed collaboratively by the residential sector and professional organisations’ representatives. Specifically, it is relevant to property agents, mortgage advisers, property managers, property lawyers/conveyancers, surveyors, energy assessors, home removal, and also associated professionals such as those contractors involved in property development, management, and the home moving processes in the UK. The guidance approved by CoPSO is the first in a series, and will be followed by consumer guidance and further sector specific guidance. The contents have been shared with Government, industry regulators and Public Health authorities. As the situation is constantly evolving, information to be updated regularly and sector specific guidance will be continuously added. Recommendations include those for individual behaviour, client engagement and transparency, how ID checks can take place, and only allowing office attendance from clients by personal appointment. Consideration must also be given to video viewing and checking the COVID-19 status of occupants. It also states that ideally one professional and two adults maximum can take part in a physical viewing, and that these should take place outside of commute times. Terms of engagement/client letters must be amended to confirm restrictions or information on the physical inspection/visit. The guidance will also help industry professionals and firms advise clients and/ or occupiers on how to prepare for a viewing/inspection/ visit. In accordance with public health guidance, it advises high risk category clients and occupiers, not to be present at viewings wherever possible. There will be a separate document published later aimed at consumers wishing to buy and sell property. James Sherwood-Rogers, CoPSO Chairman said: This industry guidance builds on that already provided by Government and will be supplemented by specific guidance for consumers who are buying and selling homes. CoPSO will also be issuing sector specific guidance for search companies. Fundamental to all the guidance that is being issued is the controlled and secure operation of the property market ensuring the safety of those involved. With that in mind we are grateful to the councils who have minimised contact by providing electronic access to data and we encourage them, and the last 20 or so who are not doing that, to continue to do so until the threat of coronavirus has subsided
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Housing Market Update
The latest Government advice on home moving during the coronavirus (COVID-19) outbreak has been issued today. With further updates expected later.
Important Announcement 2020 Conveyancing CPD Events
Unfortunately, due to the current COVID-19 crisis the Move Reports UK Spring Conveyancing CPD event has been cancelled. However, to ensure you don’t miss out on your training, limited spaces are still available for the Autumn dates:- London 7th October and Birmingham 15th October 2020.
To reserve your space or for more information contact: firstname.lastname@example.org or call 0845 094 5733
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Government advice on home moving during the coronavirus (COVID-19) outbreak
This guidance applies to people buying or selling private residential homes which they intend to live in.
Buying and Selling Homes during this stay-at-home period
Given the situation in the UK with regard to the outbreak of coronavirus (COVID-19), we urge parties involved in home moving to adapt and be flexible to alter their usual processes.
A 10 day delay to existing timelines has been announced. Move Reports historical experience suggests that this will get worse, especially London Authorities. Move Reports has a bespoke solution for both our Residential and Commercial clients to ensure you meet exchange targets. Please contact us for details.
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Move Reports UK is a ‘prop tech’ business model which operate cloud based systems. We presently operate remote working and offshoring which enables continuity without effecting our product or service.
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Move Reports announce dates for the next CPD 2020 events
Why book with us?
The Perfect event for the ever-changing conveyancing climate
Relevant conveyancing topics
Non-members fee only £50
Refreshments and lunch included
Considerably less expensive than other CPD event providers
Any profit from the event is donated to charity
Spaces are limited so book now to avoid disappointment.