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A couple of missed payments and they could be in serious trouble. As a consequence, the UK government will take on a degree of risk by guaranteeing (the extent to which is unknown at the moment) the arrangement. The scheme itself is expected to assist an additional 2 million people in climbing onto the UK property ladder in the short-term. It is fair to say that UK property prices have performed much better than even the most optimistic of experts had hoped. At this moment in time there is no sign of the collapse in property prices but January 2021 will be a critical time, with unemployment expected to increase.
In reality, nobody really knows at this moment in time. Nobody is keen to discuss the elephant in the room. Throwing additional funding at the UK first-time buyer market, without sufficient supply of housing stock, could see an artificial boost in property prices in the short-term. Is this really helping first-time buyers in the medium-term? The UK property market is breathing a collective sigh of relief this afternoon amid confirmation of stamp duty changes by the Chancellor of the Exchequer. Initially it was expected that stamp duty reductions would be introduced with the autumn budget but they have been brought forward. The changes for England and Northern Ireland have come into effect immediately although we wait confirmation regarding Scotland and Wales. The fact that property taxes are devolved from Westminster means that Scotland and Wales will be announcing their own plans in due course.
While investors will breathe a sigh of relief for the next nine months, it will be interesting to see future tax policies after the smart loan changes come to an end.
There is no doubt that not only will there be a financial benefit for those acquiring UK property but there will be a sentiment benefit for the sector as a whole. The UK property market has held up remarkably well considering the doom and gloom scenarios of just a few weeks ago. While the sudden rush after the lockdown was lifted is starting to fade a little, many who had expected to acquire properties in the autumn may need to revisit their plans.
What we do know is that we have seen some significant changes in commuting habits which may be here to stay.
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Will access to local transport networks play such a major part in the employment market going forward?
There are two things to take into consideration here. We do have a changing UK employment market, more employers are now looking to work from home and employers are more open payday loans instant decision to the idea. Then we have the recent trend in home offices which seems to have gained traction during the coronavirus pandemic lockdown.
When you also tie this in with the need for many parents to access quality schooling for their children it can create a potent mix. So, it stands to reason that if the long-term commuting habits of UK workers were to installment loans online direct lenders change then demand for hotspot properties would surely reduce? Many private landlords have focused on properties in commuting distance to large employment markets and often paid a premium for the privilege. Will they be impacted in the short, medium or longer term? The history of the UK property market is littered with expected changes in purchasing trends but nothing anywhere remotely as challenging as the coronavirus pandemic.
Will we really see demand for commuting hotspots begin to fade? Are we really on the verge of a huge change in employment patterns which would see more people working from home? Time will tell…… As the UK property market faces yet more restrictions, could this help increase the take-up of new technology?
It is common knowledge that the UK property market was one of the last bastions of non-technology-based business. Yes, we have seen the increased use of drones and other remote technology, but the take-up has been painfully slow in many areas. As the estate agent sector has become more and more competitive, the use of technology has increased.
This, coupled with the ability to get involved in an interactive viewing, is a game changer.
As with so many different areas of technology, once one of the major estate agent chains broke ranks the rest had to follow. This is an extremely active discussion about the potentially enormous benefits of remote viewings, but there are some drawbacks. You get a feel for the hustle and bustle of the surrounding installment loans online direct lenders area, and the opportunity to take an in-depth look at the property, not just the showcase areas. There is nothing wrong showing off a property to its best, but it is up to buyers to spot the flaws. While property TV shows seem to focus on the extremes of the market, there are numerous examples of people failing to physically visit a property before purchase. This additional risk does not always turn out costly, but it can.
In reality the pull at pay day installment loans online direct lenders loan direct lender the moment is not towards new technology or old school investment, but a mixture of the two.
It is now fairly easy to remotely view a property before you decide to visit in person.
For many long-term investors this is the way forward, the greatest means of reducing online payday loans texas risk and maximising profit. However, one installment loans online direct lenders of the great benefits of this type of strategy is maximising the use of installment loans online direct lenders your time, something which is extremely important.
When the UK government announced a mortgage installment loans online direct lenders payment holiday window in March, this was a lifeline to many homeowners. This equates to a staggering one in six mortgages in the UK and perfectly reflected the concerns of homeowners and lenders. So, where do we stand when the scheme comes to an end on 31 October? So far the UK government has shown no signs of extending the scheme.
Indeed, despite pressure from the devolved parliaments there are also no plans to extend the furlough scheme. Many believe these two schemas are intrinsically linked so it will be interesting to see if the government show short term cash loans no credit check any signs of movement in the next few weeks. Even though the financial pressure has reduced for many homeowners, although many are still struggling, records show that 731,000 borrowers are still participating in the payment holiday scheme as of 14 August. The Financial Conduct Authority (FCA) is placing subtle pressure on lenders to appreciate the living expenses and the pressures on borrowers. Whether this is the first step on a road to more formal changes remains to be seen. It also looks as though lenders will also be obliged to inform borrowers of the long-term impact on their credit rating, when changing repayment terms. This is an area which is something of a mystery to many borrowers. If they were to extend their mortgage, would this be seen as some kind of default, and will they be penalised for mortgage payment holidays? There is growing pressure on lenders to prepare official guidance for borrowers after 31 October 2020.
It looks as though they will be obliged to inform all borrowers of debt management options available to them. There is clear advice, where you can afford to return to regular mortgage repayments this should be given great consideration. At this moment in time there are as many new questions as there are answers.
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