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London property market
Extra stamp duty of 2 percent to be levied on foreign buyers of properties in England and Northern Ireland from April 2021 is expected to have greater adverse effect on the London property market.
In Chancellor Rishi Sunak's summer statement, the nil rate band has been lifted from Pounds 125,000 to 500,000, thereby stamp duty starts to be payable for purchases of residential properties beyond Pounds 500,000. Although purchasers currently owning or co-owning properties anywhere are still required to pay the additional 3% stamp duty, the rise of the nil rate band will reduce the stamp duty payable. The change which will remain in place until 31 March 2021, is meant to encourage people to move home and boost the housing market .
Naturally given what is happening in the markets right now, there are some opportunities in Zone 1 which are much below market value.
Manchester property market
The developer of a completed development wants to offload his portfolio at a discounted price and would offer a 6% net guaranteed yield for 3 years.
More recently, a development, located in the heart of Manchester city centre with completion expected in the 4th Quarter of 2020, offers new payment plan of only 10% down payment and the balance payable on completion. A gross annual rental yield of 7% is predicted.
bangkok property market
Due to the COVID-19 outbreak, tourism and travel, supply chains and labour supply are seriously disrupted. The Thai economy could contract significantly in 2020. The COVID-19 crisis could throw Thailand into a deep recession in 2021 according to the central bank's latest data release.
Moody's has changed the outlook for Thailand's banking system to negative from positive. The operating environment for the banks will deteriorate due to the disruptions caused by the coronavirus outbreak, leading to a weakening of the banks' asset quality and profitability. [April 2020]
Moody's downgrades Thailand's rating outlook to stable from positive, which reflects Moody's view that the drivers of the change in outlook to positive in July 2019 have become significantly less likely to materialise. [April 2020]
