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Yesterday (15th April 2019), the government outlined plans to consult on new legislation to abolish Section 21 in a bid to end so called ‘no-fault’ evictions. Although this is not a surprise move, it is one that, if goes ahead as suggested (i.e. full abolition of Section 21), will be game-changing for the private rented sector.
The Spring Statement from Philip Hammond wasn't the most exiting event of the day, but at least it was a rare bit of 'respite' away from the disaster that is now Brexit - or maybe not! Much of the statement repeats pledges and consultations on more changes to property taxation from previous budgets, but there is some news on where investment is going into areas such as Nottingham, Derby, Portsmouth, Southampton and the likes of Stoke on Trent.
While Theresa May seems to be battling for a soft or hard Brexit, the property market this year could go one of three ways...
Nearly all the indices are now heading to a ‘zero’ increase year on year, bar UK HPI which measures the market some months behind the rest. These figures would normally relate to ‘talk’ in the media of a house price crash, but as most of the reports point out, the market is surprisingly resilient considering the level of uncertainty, not just from Brexit but this month from a poor economic performance.
