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post-covid triple threat for property market

The measures brought in to stimulate the economy and protect the property market during COVID restrictions are now over.

Landlords and letting agents alike have had to prepare for the triple threat that hit the property market at the beginning of October with three key Covid-related measures ending.

The pandemic saw the introduction of the furlough job retention scheme as well as regulations relaxing for stamp duty and evictions. All these COVID restrictions are now over, leaving the property market vulnerable to three potential threats.

  • Stamp Duty: The final effects of the stamp duty holiday announced on the 3rd of March by Chancellor, Rishi Sunak ended on the 1st of October 2021. The nil rate for Stamp Duty Land Tax (SDLT) was set at £500,000 from early March until the end of June 2021. Then the nil rate band was reduced to £250,000 from the 1st of July to the 30th of September 2021 and from October 1st, 2021, it has returned to £125,000.
  • Evictions: The COVID measure introduced for evictions during the height of the pandemic also ended on October 1st, 2021. Landlords and letting agents giving notice of their intention to evict via either a Section 21 or Section 8 notice will need to give two months’ notice, down from six months prior to October 1st.  Although, the government have advised that the measures could be introduced once again if the ongoing pandemic is to worsen.
  • Furlough is now over: The job retention scheme by HMRC which is said to have protected 11.6 people from redundancy, has also now ended. The furlough scheme is said to have kept many tenants financially stable during times of economic certainty, supporting both Landlords and the wider property market.

At Kingswood Residential Investment Management, we’re feeling optimistic despite these changes as we believe they signify economic recovery is well underway. If you’re a Landlord in Nottingham or Mansfield and would like some further information about the services we offer, please contact us by calling 0115 704 3163 or 01623 277115.  Alternatively, you can email us at enquiries@kingswoodrim.co.uk

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