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The Stamp Duty Land Tax “holiday” had the impact the Treasury was hoping for in keeping the housing market active despite the challenges the country was facing throughout 2020 and 2021.
This was backed up by consistent exemptions from lockdown restrictions to enable house moves to go ahead, including removal firms expressly being allowed to work and property viewings, surveys and valuations to continue.
Lifestyle re-evaluations have had an impact on the type of properties which are doing well, with outside space and home working setup taking the edge over shorter commuting distances. Rapid adoption of technology has also seen video walk arounds now appearing alongside the usual photos online, and even full virtual reality viewings. This is likely to give buyers (both here and abroad) even more opportunity to pursue a property which suits their criteria.
2021 saw the advent of a new 2% SDLT surcharge for purchasers of residential property who are not resident in the United Kingdom and there have been no policy announcements indicating a repeat of the SDLT holiday but the market remains buoyant regardless.
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Our buildings and communities are being redefined and repurposed. Working with clients from across the real estate sector gives us a viewpoint on the new trends evolving. On our map we look at the important changes affecting the real estate industry today and in future and offer insight on the challenges and opportunities for our sector across a range of assets and key themes. Please click on the links in the map to discover more.