As Euro 2020 fever sweeps the nation, it is brilliant to see so many people enjoying the sunshine while watching the matches. At the time of writing, England is set to meet Germany, and Wales will meet Denmark in the clash of the last 16 teams still in the competition… let’s see if one of them can ‘bring it home’. The Euros have brought a welcome element of normality back after 18 months of restrictions and uncertainty, however, keeping safe and protecting everyone has, and continues to be, a priority.
I was really interested to read a news article the other day about the rise in the number of millionaires globally, despite the negative economic impact of global economies during the Covid-19 pandemic. Research by Credit Suisse discovered that while considerable numbers of less economically secure people became poorer, the number of millionaires globally rose by 5.2 million- meaning that 56.1million people across the world are now millionaires- this represents 1% of the world population. The researchers accredited much of these gains to recovering stock markets and soaring house prices, increased household wealth has also been linked to lowered interest rates and government support packages that have led to a transfer of wealth and assets from the public sector into the private sector; this has been particularly successful in stabilising household wealth throughout these challenging times. It must be remembered though, that these gains have come at a great cost with public debt rising by 20% points relative to GDP in many countries. A watchful eye will need to be kept on how these huge government debts will be recovered over the coming years. There will be no easy one fit solution, but while the property market continues to remain strong and active, those of us in the estate agency business can hold on to the hope that this upturn in the market continues.
Residential property sales in the UK are predicted to top £461bn during 2021, which is an increase of over 45% on last year, but of course the early stages of the pandemic have skewed figures between the confidence to move home and the physical ability to move home. The Office for National Statistics published figures in March 2021 showing the average house price had risen by 10/2% in a year; this demonstrates the highest annual growth since before the financial crisis of 2007- these are positive and promising findings. Financial incentives introduced by the UK government through stamp duty holidays and government guarantees for low deposit mortgages has also helped raise confidence in hesitant buyers and sellers that now is a great time to make that move.
For many, the outcomes and fears over Brexit are becoming a faded memory, but one aspect that is hot in the news at the moment is the right of EU, EEA, and Swiss nationals to rent property in the UK. The new government regulations come into force at the end of June, however, guidance for those in the lettings industry has been a little late in being released so many agents have felt they have not had much time to get to grips with it all. New rules are being introduced to check the immigration status of EU, EEA, And Swiss nationals along with the requirement to be able to produce original documents to prove their eligibility to rent and work in the UK, (Coronavirus restrictions last year enabled scanned documents to be submitted until 20th June 2021, however, this has now been extended until the end of August). For those interested in how these changes may affect the way you fulfil your obligations as landlords and letting agents, more details can be found https://www.gov.uk/government/publications/landlords-guide-to-right-to-rent-checks
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All the best,