What does the stamp duty holiday mean for me?
In his 8 July summer statement, Chancellor Rishi Sunak confirmed that the stamp duty threshold will be immediately raised to £500,000 in England and Northern Ireland, in what some have dubbed the ‘stamp duty holiday’. The rise in threshold lasts until 31 March 2021 and will apply to both first-time…
The Chancellor’s Summer Statement 2020
Introduction On 11th March this year – less than four months ago – the new Chancellor of the Exchequer, Rishi Sunak, presented his first Budget following the Conservative victory in the December election. That Budget was, he declared, a “People’s Budget from a People’s Government.” It was certainly a Budget…
The effects of Covid-19 on the housing market
The coronavirus outbreak will have long term repercussions for all aspects of the residential housing market. As restrictions are gradually lifted, the sector is beginning to operate again, albeit under social distancing measures. But with the Chancellor confirming that it is “very likely” that the UK is in a significant…
How long is it going to take the economy to recover?
The coronavirus pandemic will push the country into an unprecedented economic slump. Just how big the slump will be is currently unknown but experts’ predictions aren’t optimistic. One independent forecast by the Office for Budget Responsibility (OBR) warned that the economy could shrink by a record 35% by June, in…
Is the UK mortgage market still open for business?
You may be wondering what the current situation is with the mortgage market. Are all new mortgage deals off? Have providers stopped lending altogether? At the start of the Covid-19 lockdown, numerous mortgage lenders scrapped deals or only offered loans to those with large deposits. Santander, Nationwide and Skipton Building…
Government support for businesses during the COVID-19 pandemic
On 17th March the Chancellor, Rishi Sunak, announced a dramatic set of temporary measures designed to support people and businesses through the COVID-19 pandemic. As greater restrictions on personal movement are brought in, they aim to help those most effected by it through the forthcoming months. How successful they are…
Coronavirus – and mortgage payment holidays
What is a mortgage payment holiday? A mortgage payment holiday is a short-term arrangement where your mortgage lender allows you to make no monthly mortgage repayments (or to make reduced payments) for an agreed period. Instead these payments are added on to your mortgage balance. If you are adversely affected…
Budget 2020 Overview
Introduction So was it the Coronavirus Budget, or the Infrastructure Budget? Or was it, as the Chancellor declared at the end of his speech, the ‘people’s Budget from a people’s government?’ It was certainly a Budget that was high on spending commitments and one that the Chancellor declared would ‘get…
Uplift in the housing market
Positive news for property owners looking to sell; The Royal Institution of Chartered Surveyors (RICS) has reported that sales expectations have ‘’risen sharply’’ according to a survey of property professionals. House sales increased in December for the first time in seven months, boosted largely by elevated activity in the South…
What does the election result mean for your finances?
With the Tories having won their largest majority since 1987, we thought now would be a good time to reflect on some of the pledges made during the election campaign. How will the promised reforms affect you and your finances? Income tax When he was striving for leadership of the…