Connect with us

Current

Budget 2021: An extra 300k house sales could beat new stamp duty holiday deadline after extension

Voice Of EU

Published

on

An extra 300,000 house sales could beat the new June stamp duty holiday deadline – we talk to a buyer set to save £13,750

  • Chancellor Rishi Sunak extends the stamp duty holiday in his latest Budget
  • It applies to the first £500,000 of a home’s purchase price until the end of June 
  • An extra 300,000 home purchases are expected to go ahead before June

Hundreds of thousands of home buyers have breathed a sigh of relief after the Chancellor extended the stamp duty holiday.

As many as 300,000 additional home purchases are expected to now benefit by the end of June deadline following Rishi Sunak‘s announcement.

He said in the Budget that the stamp duty holiday will continue to apply to the first £500,000 of a home’s purchase price until June 30, 2021

It will then taper off, applying to the first £250,000 until the end of September, before returning to £125,000 at the beginning of October.

The purchase of this home in central Cambridge (by Rhiannon Davies and her partner Harry Lewis, pictured below) should now be tax-free following the stamp duty holiday extension

The purchase of this home in central Cambridge (by Rhiannon Davies and her partner Harry Lewis, pictured below) should now be tax-free following the stamp duty holiday extension

We could save £13,750 in tax 

Pictured: Rhiannon Davies and Harry Lewis are relieved at the stamp duty holiday extension

Pictured: Rhiannon Davies and Harry Lewis are relieved at the stamp duty holiday extension

Rhiannon Davies, 25, a first-time buyer, is buying a house with her partner Harry Lewis. 

She is hugely relieved at hearing about the stamp duty extension as it will save them £13,750. 

The couple are in the process of buying a house (pictured above) in central Cambridge through Cheffins estate agents for £425,000.   

Miss Davies said: ‘The extension of the stamp duty holiday is hugely reducing the stress of our property purchase.

‘We are currently in rented accommodation and one of our main issues has been the potential overlap between the two properties, meaning we would have to pay both rent and our mortgage which would have been a nightmare financially.

‘The announcement of this reduction in the tax though means that we don’t have to panic quite so much when it comes to timings. 

‘We were hugely stressed about being able to complete on our sale by the end of March, particularly if a hiccup had happened along the way, which would have meant we would have missed the March 31 cut-off date. It really is a relief for us.

‘Also, the financial benefit of the stamp duty extension means that we will now have the budget to make the house our own. We can get a new sofa, change the carpets and buy some new furniture which I am now really looking forward to.’

The Chancellor had been widely tipped to extend the stamp duty holiday, which was due to expire at the end of this month.

It followed concerns about the property transaction pipeline being jammed amid pent up demand in the property market.

The property market was briefly closed last spring in the first lockdown caused by the coronavirus pandemic, with people told not to move house unless it was absolutely essential. 

The stamp duty holiday was then introduced in July, generating added momentum to move home due to its time limited nature.

It was feared that there would be a cliff edge where thousands of house sales would collapse due to buyers being unable to afford to go ahead with the additional stamp duty costs once the tax holiday ended in March.

The gradual lowering of the stamp duty threshold by the Chancellor in July and October aims to address these fears.

Property website Rightmove said the stamp duty extension would see an extra 300,000 home purchases get through with a tax break before June.

And it suggested that 45 per cent of all properties bought from July to September would be exempt from stamp duty.

Rightmove’s Tim Bannister said: ‘This three-month extension will come as a huge relief for those people who have been going through the sales process since last year and were always expecting to make use of the stamp duty savings.

‘Our recent data shows one in five sales that were agreed in the same month the stamp duty holiday was first announced in July last year still haven’t completed, so this additional time will make a big difference to help those stuck in the logjam complete their purchase in time before the new end of June deadline.’

Nick Leeming, of estate agents Jackson-Stops, said: ‘It is excellent news that the Chancellor is extending the stamp duty holiday in this way, thereby saving thousands of transactions that are currently at risk due to the logjam in the market and reducing the potential of another cliff edge later this year.

‘The announcement of a phased approach to the holiday’s end until September is particularly welcome at this point in the year as we enter a traditionally active period in the market. This will provide certainty to buyers over coming months and will safeguard against transactions falling through in a few months’ time, giving the market the best chance of thriving in the long term.

‘The stamp duty holiday has been incredibly effective in supporting the market through these challenging times.’ 

Advertisement



Source link

Current

Russian TV host refuses to apologise for report on mock nuclear attack on Ireland

Voice Of EU

Published

on

The Russian state television host who broadcast a graphic of a simulated nuclear attack destroying Ireland has rejected a request from Taoiseach Micheál Martin to apologise for the programme.

In a follow-up report broadcast on state-owned television channel Russia-1 on Sunday night, television host Dmitry Kiselyov refused to apologise for the animated graphic broadcast earlier this month showing a nuclear strike off the Irish coast erasing Ireland and Britain from the map.

On Sunday’s programme, Kiselyov, a Kremlin supporter and state propagandist, described Ireland as “collateral damage” in a potential nuclear attack by Russia on the UK in any escalation of tensions between the countries over Russia’s war on Ukraine.

While distinguishing between Ireland, a neutral country, and the UK, Kiselyov repeated the assertion in the original report that “the whole British archipelago was basically a sinkable island” and that Russia has “every capability for such a nuclear retaliation”.

Referring to Irish political and public reaction to the original report broadcast at the start of this month, the Russian TV host said: “Ireland literally flew into a rage. Of course as a neutral country, it wasn’t nice for Ireland to become collateral damage in Britain’s clash with Russia.”

The news report, according to a translation tweeted by the BBC digital journalist Francis Scarr who monitors Russian state television, quoted the Taoiseach describing the Russian media report as “very sinister, intimidatory tactics by the Russian Federation”.

“I don’t think anyone’s going to be intimidated by it. I think it reflects a mindset that is worrying and not in touch with reality. I think there should be an apology forthcoming,” the Taoiseach was quoted as saying on the Russian programme against a photograph of Mr Martin.

Kiselyov said he completely agreed that an apology should be forthcoming but that it should come from British prime minister Boris Johnson, falsely claiming that the UK leader had made a “groundless threat to strike Russia” that had led to the original report and simulated attack.

“But we’re not intimidating anyone. Talking about capabilities has an anti-war modality. As they say, let’s not start. It will end badly. It’s better to live in peace,” said Kiselyov.

Fianna Fáil MEP for Ireland South Billy Kelleher said the Russian state-owned station still owed an apology to the Taoiseach and the Irish people over the report and mock attack.

He described the Russia presenter as “a mouthpiece” for Russian leader Vladimir Putin and that “anything said by him were effectively the official views from the Kremlin”.

“It shows how delusional their foreign policy is. It shows how removed they are from understanding what neutral countries are,” he said.

“It is indicative of Russia’s view of the world and how they believe they can obliterate a nation if they feel that is necessary to protect themselves even if there is no threat coming from Ireland.”

The reports on the Russian national broadcaster were “outrageous”, “completely unacceptable” and “indicative of the delusional state of the entire Putin regime,” he said.

“We simply cannot have what are official media outlets relaying huge threats to wipe Ireland off the face of the earth, a neutral country that has never once threatened Russia,” he said.

Labour Party foreign affairs spokesman Brendan Howlin TD described the host’s comments as “both delusional and menacing on a number of fronts”, including how the television station was conflating Ireland and Britain.

“Ireland is a neutral country but as the people of Ireland have very ably demonstrated in the last two months, we are not neutral in relation to the illegal and immoral assault on the people of Ukraine by Putin,” he said.

“We will not be intimidated by grandiose, farcical threats emanating from Russia. This is not a comic book; this is a painful reality for millions of Ukrainians.”



Source link

Continue Reading

Current

Sirius Real Estate sells London business park for €18.8m (GB)

Voice Of EU

Published

on

Sirius Real Estate has agreed to the sale of an asset in Camberwell, London, for €18.8m (£16m), representing a NIY of circa 2%. The property formed part of the portfolio Sirius acquired in November 2021 with its purchase of BizSpace, the leading provider of regional light industrial, workshop, studio and out of town office units across the UK. The sale price represents a 94% premium to the valuation at the time of Sirius’ acquisition of BizSpace.

 

The multi-tenanted business park, which comprises approximately 34,700ft² of industrial and office space is 91% occupied following a series of asset management measures delivered through the BizSpace platform. The sale is expected to complete in July 2022.

 

Commenting on the transaction, Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said: “This disposal is further proof of the latent value in the BizSpace portfolio we acquired late last year, the price being significantly ahead of last September’s valuation on which our purchase was based, and the attractive sale follows our recent announcement that we had since improved like-for-like rental income across the portfolio by 7.5%. The sale will allow us to invest in new opportunities for BizSpace in the UK as we continue to build our acquisition pipeline. Bringing together the Sirius and BizSpace platforms, with a strengthened management team at BizSpace, is already delivering strong results and operational synergies that will enhance our UK portfolio.”

Source link

Continue Reading

Current

Southwold beach hut which is 10ft wide with no running water or electricity up for sale for £250,000

Voice Of EU

Published

on

A beach hut in an upmarket seaside town which is famed for its celebrity visitors has gone on the market for a record £250,000.

The price is believed to be the highest ever to be asked in the UK for a hut which people are not allowed to sleep in – and is double the cost of a three bedroom terraced house just 10 miles away.

The hut, numbered 149 and called ‘Here’s Hoping’, measures 10ft 6ins wide and is in a prime position on the promenade in the Edwardian town of Southwold, Suffolk.

The resort has always been a popular retreat for well-heeled Londoners and celebrities including Chris Evans, Michael Palin, Stephen Fry, Rowan Atkinson and Richard Curtis.

Beach huts on the south coast can be more expensive with selling prices for some in Dorset exceeding £500,000.

But the huts in Southwold, which have no electricity or running water, are subject to strict local by-laws which ban anyone from sleeping overnight.

A beach hut called 'Here's Hoping', pictured, which sits on the promenade of the upmarket seaside town Southwold in Suffolk, Doset, famed for its celebrity visitors, has gone on the market for a record £250,000

A beach hut called ‘Here’s Hoping’, pictured, which sits on the promenade of the upmarket seaside town Southwold in Suffolk, Doset, famed for its celebrity visitors, has gone on the market for a record £250,000

The price is believed to be the highest ever to be asked in the UK for a hut which people are not allowed to sleep in. The hut, called 'Here's Hoping' and numbered 149, measures 10ft 6ins wide and is in a prime position on the promenade in the Edwardian town

The price is believed to be the highest ever to be asked in the UK for a hut which people are not allowed to sleep in. The hut, called ‘Here’s Hoping’ and numbered 149, measures 10ft 6ins wide and is in a prime position on the promenade in the Edwardian town

The resort has always been a popular retreat for well-heeled Londoners and celebrities including Chris Evans, Michael Palin, Stephen Fry, Rowan Atkinson and Richard Curtis. Beach huts on the south coast can be more expensive with selling prices for some in Dorset exceeding £500,000

The resort has always been a popular retreat for well-heeled Londoners and celebrities including Chris Evans, Michael Palin, Stephen Fry, Rowan Atkinson and Richard Curtis. Beach huts on the south coast can be more expensive with selling prices for some in Dorset exceeding £500,000

The buyer will still have to pay annual ground rent of £998 and will only have 18 years left of a 30 year lease, although there will be an option to renew.

They will be able to enjoy spectacular views from a veranda overlooking the beach and the North Sea, while being just a short walk from pubs, restaurants and shops.

But just 10 miles away in Lowestoft, Suffolk, there are several homes up for sale, priced between £120,000 and £140,000.

But the huts in Southwold (pictured), which have no electricity or running water, are subject to strict local by-laws which ban anyone from sleeping overnight

But the huts in Southwold (pictured), which have no electricity or running water, are subject to strict local by-laws which ban anyone from sleeping overnight

Southwold beach (pictured) has always been a popular retreat for well-heeled Londoners and celebrities including Chris Evans, Michael Palin, Stephen Fry, Rowan Atkinson and Richard Curtis

Southwold beach (pictured) has always been a popular retreat for well-heeled Londoners and celebrities including Chris Evans, Michael Palin, Stephen Fry, Rowan Atkinson and Richard Curtis

Huts in the best locations within Southwold, which is famed for its Adnams brewery, pier and lighthouse, are rarely on the market and some have been in the same family or generations

Huts in the best locations within Southwold, which is famed for its Adnams brewery, pier and lighthouse, are rarely on the market and some have been in the same family or generations

Several semi-detached homes in the area offer three bedrooms, one bathroom and two reception rooms, and is located 0.1 miles away from Lowestoft railway station.

Another property on the market is a £90,000, three-bed semi-detached bungalow at Broadlands Park and Marina in Lowestoft which has a garden, one bathroom and one living room.

The listing for the beach hut boasts that it has ‘glazed double folding doors’ and ‘a number of storage cupboards’.

The previous highest price asked for one of Southwold’s 300 beach huts was £150,000 in September 2018.

Prices have soared since then as property prices have continued to increase and the demand for staycation breaks following the Covid epidemic has boomed.

Huts in the best locations within Southwold, which is famed for its Adnams brewery, pier and lighthouse, are rarely on the market and some have been in the same family or generations.

Several semi-detached homes in the area offer three bedrooms, one bathroom and two reception rooms, and is located 0.1 miles away from Lowestoft railway station

Several semi-detached homes in the area offer three bedrooms, one bathroom and two reception rooms, and is located 0.1 miles away from Lowestoft railway station

Many are rented out for around £600 a week to visitors who flock to the town.

The latest asking price is more than double the price of a three bedroom terrace house on the market for £110,000 around ten miles away in Lowestoft, Suffolk.

More than half the properties in Southwold are second homes and the full-time population is now below 1,000, putting extra strain on local services.

Earlier this year, councillors unveiled plans to try and stem the number of second homes in the town and make more affordable housing possible for local people.

A spokesperson for estate agent Flick & Son, which is selling the hut, said: ‘I am sure it will go very quickly.

‘There is a high demand for huts and we expect there will be a bidding war in the end.’

Source link

Continue Reading

Trending

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates 
directly on your inbox.

You have Successfully Subscribed!