Autumn Update

Paul’s Market Commentary 

2020, The year the market stood still… …and then it came back with a vengeance. 

The market slumped, mortgage holidays were introduced, the Government were giving away money and we all learned to work remotely.  

Century Capital navigated the pandemic and we are back to full operational status. We are looking forward to working with our clients to the highest level. 

If you are seeking financing or looking to renew your current financing, please get in touch with the team and we would be happy to discuss any new or existing deals with you.

Paul

CEO, Century Capital

 

 

 

 

1. Stamp Duty Cut
The government has temporarily increased the stamp duty threshold to £500,000 for property sales in England and Northern Ireland, until 31 March 2021.
 
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2. The Micro-Property Boom
House prices hit a new all-time high in July. According to the latest Halifax House Price Index the average price of a home was £241,604 last month, 1.7% higher than June’s £237,834. Prices were 3.8% higher in than July compared with 2019.
 
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3. The UK Officially Entered Recession

The UK economy shrank by record 20.4% in the second quarter when the coronavirus lockdown was tightest, the most severe contraction reported by any major economy so far, with a wave of job losses set to hit later in 2020.
 
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4. Stamp Duty Refund Extension
People who have paid higher stamp duty after buying a new property before selling their existing one will now have longer to sell their original home in order to claim a stamp duty refund.  The government has now extended this three-year period if your home sale has been affected by the Covid-19 crisis.
 
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5. UK Eviction Ban (and extension)
The government announced a three-month ban on evictions as part of emergency coronavirus legislation. But the ban only covered new eviction proceedings, not people already in the court system. 
 
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