PROPTECH-X ‘Proptech & Property News’: Stamp Duty | Michael Gove | Rent Checks

Daily bite-sized proptech and real estate news in partnership with Estate Agent Networking. Today, Stanton looks at Stamp Duty, Michael Gove, Rent Checks, and more news.

Just eight working days until the end of the stamp duty holiday

30th June 2021 is the hard stop date for the full SDLT holiday that the Chancellor put in place, and it’s coming upon all of those in the sector at a pace. To get the benefit of up to £15,000 of relief, properties need to complete on or before the 30th June 2021.

It will be very interesting to see what shape the market is in when the dust settles, also when, in three months time, the “up to 250,000” tapered SDLT relief is also phased out at the end of September. Will these stimuli take the steam out of the housing market, as they famously did in 1988, with the finishing of MIRAS?

Rent checks in person put on hold for another two months

Face-to-face right to rent checks have been pushed back by two months. They were to be phased back in now, following their curtailment during the pandemic. This means checks by video conference calls will still be allowed during the “Delta variant phase” of the pandemic.

Will property agents get government backing to work from home?

In what appeared an off the cuff comment, Michael Gove, while being interviewed by Radio Four, said: “Now, I suspect – and I’m not advocating this, I’m just thinking of the future – I suspect it may be the case that we may see different workplaces allowing people to work from home at certain points as well as coming into the office. I think there may be changes to the way that we live.”

Does this mean that Number 10 will be powering a new wave of working from home, and if so what will this type of agency look like?

New instructions coming to the market slows

Having taken a number of soundings across the UK from agents, it would appear that the number of new listings at branch level is around 20% lower than is seasonally normal. Blame it on the Euros, blame it on other factors…the reality is with agent pipelines depleting, they need new stock to continue trading.

Stamp duty helps nearly 40% move home

Though the final analysis is not yet in, it appears that nearly one in four people who moved during the so-called SDLT holiday period have in some way profited from the government initiative.

Andrew Stanton is the founder and CEO of Proptech-PR, a consultancy for Founders of Proptechs looking to grow and exit, using his influence from decades of industry experience. Separately he is a consultant to some of the biggest names in global real estate, advising on sales and acquisitions, market positioning, and operations. He is also the founder and editor of Proptech-X Proptech & Property News, where his insights, connections and detailed analysis and commentary on proptech and real estate are second to none.

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