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The Matt Cullum property blog will provide market commentary throughout this Covid-19 crisis and will continue to support property buyers and landlords and developers. The industry has undergone some pretty dire consequences as a result of the pandemic and although the market has been pretty resilient so far mainly due to the stamp duty holiday, we expect the property market to take a bit of a drop in key areas across the country. The usual north south divide could also play a factor and potentially up north there may be more of a hit both economically and in a property sense where is the south-east particularly in London in the suburbs could say more resilience. Typically during recession the higher end of the market is more resilient and the values of the most expensive properties held up pretty well.
I would say that the buy to let market could be hit extremely hard as there are already many attacks and stamp duty implications that have been introduced over the last three years since 2017 which have culminated in much higher taxes. One of the worst decisions by a government was to abolish the ability to offset your mortgage interest and you are now taxed on effectively turnover rather than profit. This produces a much higher rate of tax and in some cases property via select deals are not even profitable whereas they used to be profitable previously.
With this recent pandemic the Matt Cullum property blog is expecting to see some very negative movements in the market and we will certainly put be providing regular updates on the market and what is occurring throughout the country to keep our clients fully up-to-date with the changes. Now has been important more than ever to be agile and to look to sell if required however most of the time it would be advisable to hold onto as much of your portfolio as you can if you already own properties and if you don’t to really seek out the best deals. Coming out of the potential of a session there will be plenty of deals to be had and rates from the banks are very very attractive at the moment also. This coupled with the fact that people will always need a place to live and there is a massive shortage of homes in the UK so Property will rebound and hopefully we can come out at the end of this stronger and better.
The Matt Cullum property plug will continue to provide commentary on the ongoing situation and the government schemes to prop up the economy and also the property market including the help to buy scheme and the stamp duty holiday will seek to weather the storm somewhat. We expect there to be more initiatives going forward and this is certainly an area will be sleeping close eye on. Please feel free to register and leave your details to join our mailing list and to see regular email market updates from the blog and we will endeavor to keep you fully up-to-date on the continuing issues the world faces right now.
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