Residential transactions in July 2022 totalled 110,970, 32.9% higher than July last year and 7.2% higher than June 2022, according to data from the Office for National Statistics. This increase comes against a backdrop of economic uncertainty and soaring inflation, but the figures should be treated with caution, given that the stamp duty holiday threshold was reduced on 1 July …
The great escape! Major agent reveals 48% surge in agreed sales as buyers leave London for more space
Savills has hailed a “remarkable recovery” in activity levels since the reopening of the property market in England on May 13th, with a surge in prime buyers looking to leave London for more space. The agent said agreed sales in the prime markets of England fell by 72% annually in April, but were up 48% compared with last year as …
Reservation Agreements: two key problems that must be overcome.
A law firm has spoken out about two possible problems in the government’s much-publicised idea of considering Reservation Agreements as a weak of reducing fall-throughs in the house buying process. Trials are set to start in the first quarter of 2020 in two areas using different versions of reservation agreements – one option is for the buyer and seller both …
Tory leader front runner Boris to consider switching Stamp Duty from buyer to seller
Conservative Party leadership contender Boris Johnson has confirmed his interest in switching Stamp Duty liability from the house buyer to the seller. The switch has been proposed over the years by a number of critics of the existing system, including the Association of Accounting Technicians. Johnson has now met with the AAT and agreed to examine their Stamp Duty recommendation …