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5 Brexit changes you need to know about
It’s finally over – kind of.
The UK and the EU have agreed to a deal and we can get on with our lives. But what will those lives look like and how will Brexit change the way we holiday, sell goods and migrate to other countries?
Discover the five big Brexit changes that you need to know about, right here.
New leasehold reform is a game-changer
The UK Government announced new leasehold legislation at the start of 2021, which will give leasehold home buyers a legal right to extend their lease for 990 years with zero ground rent. This change is tipped to be the largest UK property law reform in four decades.
Not only will these changes provide assurances for current leaseholders, but it would remove some of the bureaucratic barriers facing those who want to own a home but are worried or confused about entering into a leasehold agreement.
Are 95% mortgages coming back?
The new year brings some good news for first-time buyers who find themselves locked out of the housing market because they cannot pull together a large enough deposit. The government is looking to bring back affordable 95% mortgages to create two million more owner-occupiers.
Boris Johnson announced the move at the virtual Conservative Party conference back in October. "We will help turn Generation Rent into Generation Buy," he said. The prime minister was reiterating a key manifesto pledge from 2019.
Price caps revealed for Help To Buy Scheme
With a new year comes new changes, and for homebuyers, one of the first and most significant changes in 2021 is the government’s Help to Buy Scheme: Equity Loan Scheme. From April, eligibility will be limited to first-time buyers, and a new region-to-region price cap will be introduced.
What to look for in the 2021 property market
What is going to happen to the UK property market in 2021? That's the $64 million question. Currently, the year looks set to get off to a good start, a hangover from the end of last year when property prices and house sales increased. We all know that nothing lasts forever but will the current good times come to a staggering halt sooner than later? Several support programs are due to end on March 31, which could be a problem for the economy and housing market. So, eyes down, here's what we're all looking out for in early 2021.
