Latest News

Keeping your business running during the Coronavirus pandemic

09 April 2020

Agents may be wondering how best to keep the cash flowing, cut costs and get their business ready for a return to the new normal. There are a number of steps managers and business owners can take to keep their business in good shape during this time of economic and general uncertainty. Read More...

Coronavirus (Scotland) Act 2020 stakeholder guidance

08 April 2020

The emergency legislation introduced by the Scottish Government and passed by the Scottish Parliament received Royal Assent on 6 April 2020. To coincide with it’s passing into law the Scottish Government has released a guidance document that outlines key measures contained within the Act. Read More...

Propertymark campaign leads to commission included in furloughed pay

06 April 2020

Government has amended the eligibility criteria following Propertymark's campaign for agents' commission payments to be included in claims for Furloughed Pay. Read More...

Landlord Income Tax Relief fully phased in

06 April 2020

At the Summer Budget 2015, the then Chancellor George Osborne announced that the amount of Income Tax relief landlords can get on residential property finance costs will be restricted and gradually reduced from April 2017 until April 2020. Read More...

Auction houses are to remain closed

Wednesday 25 March 2020

The Government, on 23 March, gave clear guidance on self-isolation, staying at home and away from others, stepping up measures to stop the spread of Coronavirus with a list of businesses and premises that must close. Auction houses were included in that list.

Some auction houses had already closed, suspended auctions or moved them to online or postal auctions prior to the announcement, putting the safety of their staff and consumers at the forefront. The latest guidelines are these measures will be reviewed in three weeks.

Business and financial support

The Treasury has committed to a comprehensive series of measures to support businesses, wages, and cash-flow:   

  • A Coronavirus Job Retention Scheme 
  • Deferring VAT and Income Tax payments 
  • A Statutory Sick Pay relief package for small and medium-sized businesses (SMEs) 
  • The Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank 
  • A new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans 
  • The HMRC Time To Pay Scheme 
  • Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000 
  • Offering small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief 

Business rates were also included in these measures, and, at the time of the announcement, they didn’t include estate or letting agents. However, after a campaign led by Propertymark, the Government confirmed on 25 March, that business rates relief has been extended to estate and letting agents, meaning they are too now exempt from business rates in 2020–2021.   

Details of funding and eligibility plus other guidance can be found on the Government website.  

Business rates relief

COVID-19 How is it impacting your business?

We’re talking to Government on a daily basis to ensure they understand the impact that the Coronavirus pandemic is having on vulnerable tenants, compliance, landlords, repairs and other essential services.

To help us spread this message we would like you to answer three questions about how the pandemic is affecting your business? If every agent reading this responds, then Government will not be able to ignore us and will have to #KeepTheRentFlowing.

Complete the survey

WHAT PROPERTYMARK IS DOING

To keep up to date with the latest information on COVID-19 relating to the sector, you can follow us on Facebook and Twitter.