UK PROPERTY MARKET UPDATE BY HSBC
2016-09-19
EXTRACT FROM HSBC'S MARKET UPDATE ON UK PROPERTY IN SEPTEMBER 2016
A report by HSBC on the current UK property market, in which
- key changes in property prices
- underlying rental demand
- supply and demand
- rental trends
- economic uncertainty
are discussed.
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According to a recent report, around 5 million UK households, or 21% of the total, are in private rented accommodation. This is set to rise to 5.79 million (or 24%) over the next five years.
STAMP DUTY HOLIDAY FOR PROPERTIES COSTING UP TO £500,000 AND COMPLETED BEFORE APRIL, 2021 IN ENGLAND
The government has temporarily increased the stamp duty threshold to £500,000 for property sales in England and Northern Ireland. First-time buyers will not be taxed if the property is costing £500,000 or less and the legal transaction is being completed before April 2021, more expensive properties will only be taxed on their value above that amount.
The Competition and Markets Authority has confirmed that domestic consumers have been overcharged for electricity usage, and it brings a huge criticism of the ‘big six’ suppliers who have been controlling the market over many years. To further solve this problem and the failing market, Nottingham City Council and Bristol City Council took a step forward and established fully licensed ESCOs (Energy Services Companies), which can control the energy supply and help to boost the economy.
Under the new British government plan – which will be put in place when Beijing formally enacts the law – every one of the 3 million Hongkongers who qualify for a British National (Overseas) passport and their dependents could relocate to the United Kingdom to stay and work or study for extendable periods of 12 months, creating a path to citizenship.
The UK Home Secretary has asked that the UK should grant BN(O) passport holders and their family dependents in Hong Kong the right to enter and reside in the UK, with a pathway to settlement after 5 years and the right to apply for citizenship.