HMOs and council approval of Wireless Fire Alarms – HELP!

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I own an HMO in the London borough of Croydon where I have had no choice but install wireless, battery operated radio frequency interlinked fire alarms (specifically these are the AICO 10 year Lithium battery Ei600 series alarms, the only alarms on the market frequently accepted as an alternative to the mains wired systems).

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No tenancy agreement issued as deposit paid in installments?

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In June we began to rent out a room in a shared house (HMO) to a young single chap who seemed very personable and clean and tidy in appearance. He was not in a position to pay his months rent and deposit in advance so to help him out we agreed to accept his deposit in installments.

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Scrap stamp duty to get Britain moving and generate £10bn of economic growth

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A new report by the Adam Smith institute (the free market thinktank) sets out why the UK should abolish Stamp Duty Land Tax.

• Taxing transactions of Britain’s £7.5tn stock of property is keeping people in homes of incorrect sizes and too far from jobs
• Stamp Duty Land Tax is four times more harmful to economic efficiency than income tax

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Is my student let a HMO or not?

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I rent a property to students through a local student Lettings company and have done so for many years. It is let to groups of friends under a joint tenancy, there are no individual bedroom locks and as such I believe that it is not a HMO.

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Invest in the future of Manchester

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Manchester is probably the UK’s outstanding city if you are looking at future growth. The North West as a whole has reinvented itself as a major global investment destination, and the city of Manchester is the driving force behind this. The city is on the verge of becoming a true ‘world city’, and this is the perfect time to invest and make the most of the opportunity.

Manchester already has the infrastructure to succeed; the city is home to the only twin-runway airport in the UK outside of London Heathrow, and passengers can go to more than 220 destinations as far apart as Beijing and California. Likewise, Manchester has outstanding rail connections in place which can take people to any of the UK’s major business destinations – London, Birmingham, Liverpool, Leeds and Sheffield amongst others – quickly and easily. This is all without considering the impact of the upcoming HS2 high speed rail which will cut journey times to London to just over an hour once complete.

Internally, Manchester also has fantastic transport connections, with the Metrolink tram service in particular linking the city centre to the out boroughs efficiently and relatively cheaply when compared to other systems such as the London Underground. This tram network is constantly being upgraded, with the latest extensions connecting the intu Trafford Centre and Trafford Park to Manchester, one of Europe’s biggest shopping centres and one of Europe’s biggest business parks respectively.

With such impressive foundations, it is no surprise that Manchester’s economy has been able to flourish. The city is correctly seen as a business friendly destination, and it is no surprise that most projections have Manchester’s economy growing faster than almost anywhere else in the UK over the coming years, including London. The regional economy is already worth approximately £60bn annually and that is only going to increase.

As always, economic growth causes population growth to follow in its wake. Manchester already experienced this once during the Industrial Revolution it kickstarted, seeing many thousands of people flood into the city to take up the jobs on offer. Something similar is now happening again, with the burgeoning creative, digital, and advanced manufacturing sectors – among many others – attracting the sort of skilled, young workers which are the lifeblood of a modern city. The population of the city is predicted to swell to more than 625,000 by 2025, and the majority of these are young people migrating to the city from elsewhere, in particular London. Manchester already has a bigger proportion of 25-29 year olds as a percentage of the population than any other city in the UK, and this situation is only becoming more pronounced.

In turn, the city’s housing market is growing prodigiously. The sort of young professional who is moving to Manchester is likely to require rental accommodation, but there is only a very limited supply near the city centre. Consequently, the competition for the best apartments is fierce and rents are being pushed up. JLL has predicted that rents in the city will rise by 4.2% a year over the next four years in response to this.

House prices are also rising dramatically in Manchester thanks to the influx of people who are looking to buy their own home. Entry prices are affordable – especially when compared to London – which makes getting on the property ladder a lot more feasible than in many other large UK business cities. When the above is taken into consideration, it is really no surprise that Rightmove has recorded an increase in sold prices of 12% over the last year, and 23% above the pre-financial crash levels. In addition, JLL has predicted that values will increase by more than another 28% by 2021.

This is the optimum time to invest in a luxury apartment in Manchester. Developments like X1 Manchester Waters which offer tranquil living only five minutes from the city centre are in extremely high demand thanks to the obvious potential for capital appreciation and rental yields. These apartments are being built by a renowned, award-winning developer as part of one of the last large-scale regeneration opportunities in the city. As well as being by the beautiful Manchester waterfront, residents of X1 Manchester Waters

As a city, Manchester cannot be beaten, and more and more people are making note of its potential. Apartments at X1 Manchester Waters start at £109,995 and are available today – don’t miss out on your chance to invest in this booming city!

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Invest in the future of Manchester | LandlordZONE.

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Income Tax when you rent out a property: case studies

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The examples below are designed by HMRC to support their main Income Tax guidance for landlords.

They deal with a range of tax issues that you may need to think about if you rent out a property.

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