Since the introduction of social distancing measures in response to the pandemic, the behaviours of businesses, investors and consumers have changed dramatically. Even as the country slowly transitions out of lockdown, the uncertainty surrounding the pandemic has made many people naturally hesitant when it comes to making significant financial decisions.
To instil confidence back into the economy, Chancellor Rishi Sunak has announced a series of measures that temporarily reduce certain financial liabilities, while at the same time encouraging investment and spending. A standout policy is the introduction of a Stamp Duty Land Tax (SDLT) holiday, applicable to the first £500,000 of all property sales that take place in England and Northern Ireland. What makes this temporary tax exemption particularly attractive is the fact it applies to international buyers as well as UK residents.
So far, it looks as though the SDLT holiday is having the desired effects. House prices are rising, transaction levels are increasing, and estate agencies have recorded a spike in enquiries since the introduction of the holiday on 8th July 2020. However, while there undoubtedly many reasons for optimism within the UK property market, there remain many challenges for both homebuyers and homeowners as a result of COVID-19.
To uncover the full extent of this issue, MFS has surveyed over 1,200 UK homeowners and buyers to uncover the challenges they are facing within the property market at present. This report reviews the findings of this independent study and outlines what can be done to ensure more buyers are in a position to confidently complete on their next property transaction.
Download the full report here