Direct Property News

April 6, 2017

Landlords in UK set for tax change from 06 April

From tomorrow, Thursday 06 April, buy to let landlords will begin to feel the direct effects of tax changes with relief on mortgage costs being restricted to the basic rate of income tax amid concerns that higher costs could result in higher rents. And, over the next three years, the proportion of their borrowing costs that landlords can offset against tax will taper down to zero in changes that the industry has campaigned to be cancelled. Some landlords have taken measures to limit the effect on their tax but many are still unsure or even unaware of the change, according to experts. Since the changes were announced in the 2015 Budget some landlords have changed to…
April 5, 2017

New built homes in London set to reach record levels in London in 2017

The number of new homes in London will reach record levels in 2017 but what is being built currently does not match the demand, new research has found. And while the majority have sold off plan, more homes will complete unsold this year than at any time over the past decade, according to international property adviser Savills. Total net completions, including sub-market and intermediate housing provision, are expected to peak at 46,500 this year, ahead of the minimum 42,000 homes a year target set by the London Plan. But this is still well short of real housing demand, which Savills puts at 64,000 homes per year. Lead indicators suggest that 41,000 homes were completed in 2016.…
April 5, 2017

Property Trends: What to Expect In 2017

The property market has already had a strong start to 2017, with many estate agents reporting their busiest start to the year. In fact, property specialists Leaders announced a 67 per cent increase in the amount of properties coming into the market during the first week of January 2017 compared with the monthly average in the fourth quarter of 2016. With a potentially busy year ahead, it’s important to stay ahead of the game and look at what property trends are on the horizon – particularly when you take into consideration the effects that stamp duty taxation and the United Kingdom’s decision to leave the European Union will have on the economic and political landscape. Here…
April 4, 2017

Buy-to-let tax changes: The investor’s guide to changes happening in April 2017

More than two years ago, the Government announced a series of changes to the buy-to-let industry in the hopes to reduce the sector’s attractivity to investors and tackle the housing crisis all in one. Whilst some of these announced changes have already been implemented to their fullest, others are just about to be phased in. The announced changes are: – 3% stamp duty tax hikes (came into effect in April 2016) – Reform to 10% wear and tear allowance (landlords have to give proof of any repairs to receive reductions) – Cut to mortgage tax relief (from 45% down to 20%, phased in over the next three years) On Saturday, April 1st, the phasing in of…
April 4, 2017

Property industry calls for Govt backing for Crossrail 2 to help boost new home building

Crossrail 2, the proposed rail route linking south west and north East London from Surrey to Hertfordshire, will help boost the housing crisis in and around London, according to home building industry leaders. The major infrastructure project will help deliver 200,000 new homes by increasing connectivity for underdeveloped areas, particularly in London, and transform transport capacity, according to more than 60 professionals in the property and home building industry. In a letter to the Chancellor of the Exchequer Philip Hammond they are urging the British Government to give the project its bull backing and say they are ready to seize the opportunity to use the development potential. The 66 signatories include Taylor Wimpey, British Land, Melanie…
April 3, 2017

How has Stamp Duty impacted on the investment market?

New research conducted by My Home Move indicates that the number of properties being purchased by investors has risen sharply since the introduction of the additional 3% stamp duty in April last year. Figures back to 2014 show that the investment market has halved in volume since 1st April 2016. This indicates that landlords and additional home buyers have been reluctant to pay the additional charge. Controversial Doug Crawford, CEO of My Home Move, said: ‘Even though a year has passed, the introduction of the Stamp Duty levy still remains controversial. On the face of it, the changes to Stamp Duty were presented by the Government as a tax that would affect greedy landlords-those who were…
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