Economic Crisis – What’s Next For Property?

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With interest rates spiralling, the pound sterling plunging and recession looming, what does this all mean for property investors & property prices?

Stay tuned to find out in this Mini Budget Property Update.

Please click on the video below:

View Full Article: Economic Crisis – What’s Next For Property?

Bank of England steps in to calm markets

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The Bank of England has revealed that it is launching a bond-buying programme in a bid to prevent ‘material risk’ to the UK’s financial stability.

The bank says it is going to restore ‘orderly market conditions’ and buy as many long-dated government bonds as needed from today until 14 October.

View Full Article: Bank of England steps in to calm markets

At last! New housing minister is former landlord who backs private rented sector

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Former landlord Andrew Stephenson should hopefully have a good grasp of the sector’s pressing issues in his new role as minister tasked with overseeing the PRS.

The Under Secretary of State at the Department for Levelling Up, Housing and Communities was renting out a property in Wilmslow between 2010 until 2016, reporting a rental income of at least £10,000 a year, while his voting record suggests he is pro-landlord.

Stephenson has consistently voted for phasing out secure tenancies for life, for charging a market rent to high earners renting a council home and against restrictions on fees charged to tenants by letting agents, as well as reducing Capital Gains Tax.

Rogue landlords

It also appears that he’s keen to banish rotten apples and provide new homes; in 2017, he quizzed the then Communities Secretary Sajid Javid, asking: “What steps is your department taking to promote responsible letting and deal with rogue landlords?”

Earlier this year, he supported Boris Johnson’s plan to use publicly owned brownfield land for new homes, offering them to first-time buyers and key workers. He explained: “It is putting more people in the position to buy and ensuring people are incentivised to save for a deposit no matter their financial situation – including housing association tenants, which I’ve long been pushing for.”

Stephenson has held a number of roles in the government, including stints as a minister for transport and in the Foreign and Commonwealth Office.

He tweeted that he was looking forward to working with new boss Simon Clarke, who in turn tweeted that he couldn’t be more delighted that Stephenson was joining the ministerial team. “One of the most reliable, effective people in Parliament with a great track record of delivery.”

View Full Article: At last! New housing minister is former landlord who backs private rented sector

Ground rent increases on leasehold apartment?

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Dear All, I purchased an apartment in 2011 and it has ground rent charges of £500 p.a. for the apartment and £250 p.a. for the car parking space (which is in a separate building to the apartment).

In my lease it indicates that the ground rent is reviewed every 10 years and a variable factor (it is complicated how they calculate it) is applied to determine the ground rent for the next 10 years.

View Full Article: Ground rent increases on leasehold apartment?

Do I still pay stamp duty?

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Hi, I’m just at the tail end of purchasing another property to add to my portfolio. The price of the property is £140,000.

With the changes made by the government last week in the mini budget will I still pay stamp duty?

View Full Article: Do I still pay stamp duty?

Rising interest rates are squeezing landlord profits

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Rising interest rates are eroding the profitability of buy-to-let for mortgaged landlords and they are increasingly having to buy properties in higher yielding parts of the country, one survey suggests.

According to Hamptons, that charge is being led by London landlords who are looking further afield in search of profits.

View Full Article: Rising interest rates are squeezing landlord profits

Why should landlords incorporate BEFORE selling some properties and paying off remaining mortgages?

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If you think Section 24 is bad, wait until you read this!

As I write this article the Bank of England Governor is under immense pressure to take emergency measures to protect against the collapse of the pound by increasing the Bank of England base rate by a further 1.75% to 4%.

View Full Article: Why should landlords incorporate BEFORE selling some properties and paying off remaining mortgages?

Keir Starmer hints at new housing market restrictions for buy-to-let investors

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Labour’s leader Keir Starmer has hinted that buy-to-let landlords and second home owners may be prevented from buying properties meant for first-time buyers.

His comments came during today’s address to the Labour conference in Blackpool, during which he also said a Labour government would seek to raise home ownership to 70%.

This will be a challenge – the national homeownership rate peaked in 2003 at 71% but has been steadily declining ever since and currently stands at 63%.

Starmer said he wanted to see “no more buy-to-let landlords or second homeowners getting in first” and that he wanted to “help real first-time buyers onto the ladder with a new mortgage guarantee scheme” and “reform planning so speculators can’t stop communities getting shovels in the ground”.

Tilt the balance

His comments about landlords follow a speech by Lisa Nandy on Monday during which she said a Labour government would, for private renters, “tilt the balance of power back to you through a powerful new renters’ charter and a new decent homes standard written into law”.

Starmer’s speech will leave many landlords wondering if any of the parties support the idea of buy-to-let at all – Labour’s pitch in recent days has sounded almost identical to the Conservatives’, while the LibDems and Greens aren’t far off and, in the latter’s case, are even more radical.

Ben Beadle (pictured), Chief Executive of the NRLA, says: “It is depressing that the Labour Party is once again demonising all landlords.

“The vast majority do a good job, providing a fifth of all housing in the country. That is why private tenants are more likely to be satisfied with their accommodation than those in the social rented sector.”

View Full Article: Keir Starmer hints at new housing market restrictions for buy-to-let investors

Can anyone recommend smoke and CO alarm installation forms?

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Hi, I have fitted new smoke and CO alarms to replace the ones already installed, as it is a fresh start with the new regulations regarding fitting.

Although I had the required alarms already fitted, I decided total replacements were the way to go.

View Full Article: Can anyone recommend smoke and CO alarm installation forms?

Keir Starmer promises clampdown on BTL landlords

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The leader of the Labour Party, Sir Keir Starmer, says his government will clamp down on buy to let landlords if his party takes power.

In his speech to the party conference in Liverpool, Sir Keir said he would promote home ownership –

View Full Article: Keir Starmer promises clampdown on BTL landlords