Welcome to the September edition of the Fish Need Water newsletter. This has been an eventful month, with the country mourning the Queens passing and the reign of King Charles III beginning. The latest interest rate hike has also been a hard pill to swallow. There is light at the end of the tunnel though. Today full details were announced that brings much welcomed cuts to stamp duty. Are you a first time buyer or looking to increase your property portfolio? Keep reading to find out what we have for you this month.
– For Landlords: Renters Reform Bill: Bad news for landlords, or long overdue fairness for everyone?
– For Sellers: The Price Isn’t Right: How to Spot and Stop your home being overvalued
– Property Industry Eye: Stamp Duty Cuts To Save Buyers Thousands of Pounds – full details announced
There’s been a flurry of news and commentary since the Government announced its Renters Reform Bill. Representing the biggest changes to the private rental sector in 30 years, the Bill is set for introduction to Parliament before March 2023, with a view to becoming law by early 2024.
Despite dramatic headlines, the Bill isn’t only about the rights of tenants. In fact, Nick Beadle, Chief Executive of the National Residential Landlords Association, has said the “commitments to strengthening possession grounds, speedier court processes and mediation are helpful”.
Nonetheless, Michael Gove’s rhetoric on June 16th promised to protect tenants from “landlords who fail to repair homes and let families live in damp, unsafe and cold properties, with the threat of unfair ‘no fault’ eviction orders hanging over them.”
Eliminating substandard homes from the rental market is obviously a welcome step forward, but what if you’re already a professional and responsible landlord? Our BLOG explores the proposals and what they actually mean for anyone owning a buy-to-let property.
With prices still rising and very few homes on the market, it seems incredible that 1 in 20 asking prices were slashed in May. The figures from Zoopla show an average drop of 9% (or £22,500); the biggest discount margin for 18 months.
House prices rose by 11.2% year-on-year in May, slightly down on the 12% from April to April but still a substantial increase. So why are homes being reduced in price?
Unfortunately, overvaluing is being used more and more to get homes on the market. Differences in opinion of a few percent between estate agents are perfectly normal, but the need for more stock is seeing homes hit the market with price tags of 20% and more above their likely value.
But flattering pricing doesn’t get you moved, and the initial high can soon descend into anxiety, disappointment and irritation. So how can you tell if your home has been valued correctly or whether your move is being put at unnecessary risk?
You’ll find some practices to look out for, along with some steps you can take to avoid getting caught out by reading more HERE.
In Chancellor Kwasi Kwarteng’s speech this morning, significant permanent reforms have been made to stamp duty. For example, the amount at which stamp duty gets paid has doubled from £125,000 to £250,000. The government has also put measures in place to help first time buyers get a foot in the door.
“… the government is allowing first-time buyers to access the relief when they buy a property costing less than £625,000 rather than the current £500,000.
These measures will reduce stamp duty bills across the board for all movers by up to £2,500 with first-time buyers able to access up to £11,250 in relief….”
To read the full article in Property Indutry Eye, click HERE
What’s next for you?
If your home isn’t selling, or you’ve received a valuation much higher than you expected and not in line with recent sales, why not get in touch for another opinion?
Call us on 020 8031 8191 or email James at email@example.com for a fresh perspective on selling your home in South East London – and let’s get your move underway.
If you’re wondering what actions you’ll need to take when the new Renters Reform Bill becomes law, or you’d like a managing agent in East Dulwich to take care of everything for you, call us on 020 8031 8191 or email Anthony directly at firstname.lastname@example.org – we’re here to make your life as a landlord as easy and enjoyable as possible.