Interest Rate Rise Impact Calculator Wizard

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Calculating the extra amount of interest you will pay as a result of the recent 0.25% interest rate rise isn’t exactly rocket science for some people. However, if numbers isn’t your thing and/or you would like to understand how the Bank of England decision will affect your cashflow and your tax position I’ve designed the wizard below for you to use free of charge.

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£1.5 billion fund launched by government to back SME rental home construction

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SME developers and builders will soon have access to £250,000 home-building loans through the government’s Levelling Up Home Building Fund, announced as part of its new White Paper.

It wants to encourage innovative projects to build rental and for-sale homes, such as community-led housing projects and groups of small firms working together to deliver larger sites and will share out the new £1.5 billion fund in the hope it will lead to 42,000 new homes being delivered.

Individuals and UK firms will be eligible for finance as long as their project is financially viable, they are planning on building or refurbishing five or more homes on a site in England, and their project would stall, or progress much less quickly, without the cash.

They need to have a controlling interest in the land and a clear route to achieving planning consent.

Managed by Homes England, the fund offers finance from £250,000 for a five-year term but the government has also partnered with Invest & Fund to hand out loans of between £400,000 and £2.5 million for applicants who are planning fewer than five units.

Brian Berry, chief executive of the Federation of Master Builders, says the loans should be targeted at reversing the decline in SME housebuilders, who are now delivering only 12% of the country’s housing stock, down from 40% in the 1980s.

“Local housebuilders develop on underutilised land that will be vital for hitting housing targets. However, these plans must make sure we’re helping to deliver new homes where demand is highest.”

He adds: “It’s positive that the government is taking steps to improve the quality and energy efficiency of our existing housing stock in the private rented sector. Local builders will be critical to the success of this policy and should be considered at each point of its implementation.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – £1.5 billion fund launched by government to back SME rental home construction | LandlordZONE.

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Are Gove’s ‘levelling up’ plans a step too far for landlords?

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Taxes. Regulations. Rental changes. Reforms. High standards. Section 21 being scrapped. Is this all too much for some landlords?

The government’s dramatic Levelling Up White Paper feels like another knife in the back to the private rental sector.

A national landlord register, crack-down on rogue landlords, the implementation of a national ‘decent homes standard’ and moves to abolish section 21 ‘no fault’ evictions; it’s easy to see why so many landlords are anxious about the changes.

Frustration

Many landlords are already worried about the looming EPC and ‘decent standard’ refurb costs being forced through by the government.

On a £60,000 property, which may only earn £6,000 a year in rent, a £10,000 to £15,000 refurb raises the question: is it worth it, or is there a way out?

What’s more, many landlords have been hit with the mammoth task of incorporating their portfolios. It’s safe to say, the landlord sector isn’t what it used to be. But what are the solutions?

Limited company

Incorporate, absorb the costs and hope things get better could be an option, and there are plenty of companies out there that are rising to the challenge and providing landlords with a service to do so.

Property118 are landlord incorporation specialists who can solve Section 24 problems by efficiently transferring property rental businesses into Limited Companies.

This solution works well for those who can fork out the fees, and are resisting selling because of Capital Gains Tax, but is CGT really a problem?

A deeper dive shows it might not be as bad as landlords think. With the decision of how best to manage the equity in portfolios, another option could be to sell up and cash in.

Selling up

It’s a route that many landlords are taking. Landlord Sales Agency is the leading portfolio exit specialists that have a credible track record when it comes to selling, and they’ll sell your entire portfolio in one sitting for 80 – 90% of the market value.

It takes handles all the hassle and delivers a lump sum for the whole portfolio in your bank in 7 to 21 days.

Expert view

David Coughlin, CEO of Landlord Sales Agency says: “You can either look at the changes as a frustration, or an opportunity to get out now while you still can.

“I’m selling my own portfolio and at Landlord Sales Agency our team know exactly what to do to help other landlords do the same.

“Between £2 million in the bank and the chance to lose the headaches and retire, or all the money we’re going to end up forking out as the government makes things tighter and tighter, I’d pick cashing in right now.

“We’ve had a good run of it, it’s now time to take the lump sum and reinvest in other business projects or retire and relax.”

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©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Are Gove’s ‘levelling up’ plans a step too far for landlords? | LandlordZONE.

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LATEST: Renting reforms legislation ‘still a long way off’ admits government

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The government has admitted that its long-awaited rent reform White Paper won’t be published until the Spring – more than two and a half years after it was first announced.

While announcing its Levelling Up White Paper yesterday, Michael Gove admitted that plans for ending Section 21 evictions and giving all tenants a strong right to redress were still not finalised.

The raft of reforms were first announced in November 2019 and again in the Queen’s Speech in May 2021.

In the Levelling Up White Paper, it announced it would be, “Publishing a White Paper in the spring setting out how the UK government will support those in the Private Rented Sector including ending so-called ‘no-fault’ Section 21 evictions and giving all tenants a strong right to redress.

“It will explore proposals for new minimum standards for rented homes, introducing a National Landlord Register and taking tough action against rogue landlords.”

Gove say he would only provide more details once his department’s review into the planned Decent Homes Standard review had concluded.

Rogue landlords

In the Commons yesterday, Gove explained: “Our white paper this Spring will cut the number of poor-quality rented homes by half, will also address the injustice of no-fault evictions and bear down on rogue landlords.”

He added that it would deliver a “tough focus” on decent standards in rented homes by setting a decent minimum standard that all rented properties must meet.

However, Shadow Communities and Local Government Secretary, Lisa Nandy (pictured), launched a vigorous attack on Gove’s levelling-up announcement, accusing the government of “fiddling the figures” and “cobbling together a shopping list of recycled policies”.

She added: “The system is completely broken and the government is out of ideas…these are recycled watered-down ambitions with some announcements that are so old – one is from 2008.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – LATEST: Renting reforms legislation ‘still a long way off’ admits government | LandlordZONE.

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Bank of England increases Base Rate to 05%

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The Bank of England’s Monetary Policy Committee (MPC) has voted by a majority of 5-4 to increase Bank Base Rate by 0.25 percentage points, to 0.5%.

The members of the committee that voted against actually wanted to increase the rate by 0.5 to 0.75%

View Full Article: Bank of England increases Base Rate to 05%

EXCLUSIVE: ITV Tonight’s Dan Hewitt to investigate Covid evictions

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Evictions expert Paul Shamplina is due to appear in the latest special investigation by ITV’s flagship Tonight programme, this time into the rental sector – and fronted by ITV journalist Daniel Hewitt. It is to be aired on 24^th February.

Hewitt, whose report into social housing made headlines in September after he uncovered shocking conditions endured by some council housing tenants, is now looking at the private rented sector and, in particular, evictions during Covid.

He visited the offices of Landlord Action to film an interview with its founder Paul Shamplina who is also Chief Commercial Officer at parent company Hamilton Fraser.

The film crew had earlier followed Shamplina as he attended evictions in Hounslow in London and Banbury in Oxfordshire, as well as serving three eviction notices at different properties in North London that morning.

“My understanding is that the programme will be about tenants and landlords and how they have been affected by the large rent arrears built up during Covid, and the consequent rise in evictions,” he tells LandlordZONE.

Surge

“I told Hewitt how the pandemic has led to a surge in landlords evicting their tenants, post the eviction ban and a rise in the number of landlords cashing in and leaving the market.”

“Remember that 70% of our work at Landlord Action relates to Section 8 rent arrears cases, but we are increasingly seeing more landlords using Section 21 to gain possession and sell their properties.”

Shamplina says he hopes the programme will include his claim that the number of possession claims in England is likely to double over the next 12 months compared to 2021 as both social and private landlords ramp up their activities.

“But the biggest challenge to loom over landlords is not so much increasing evictions but the huge costs of upgrading properties to reach EPC band C by 2030.

“I am confident that the programme will be a balanced look at the private rented sector, and reflect the common feeling among many landlords that they are under fire from all directions,” he adds.

Shamplina has appeared on The Tonight programme in the past.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – EXCLUSIVE: ITV Tonight’s Dan Hewitt to investigate Covid evictions | LandlordZONE.

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