Updates & News
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Happy new year! I can't quite believe its 2020
For those of you who are old enough to remember the Millennium bug hype of the late 90's; Weren't we all lead to believe that life would never be the same again? Our bank accounts would freeze, our cars wouldn't start and we were destined for a life of mayhem and digital disaster. I recall my car starting perfectly on the 1st January 2000 & I'm pretty sure that most folk who needed cash on 1st January 2000, got cash. I purchased my first house in 2000 (wait for it) for £19,000! Imagine buying a two house for that amount of money now? Those were the days.
So, we are leaving the EU on the 31st January...right? This news was music to my ears, after the last 12 months of the waiting to see what happens approach of sellers & buyers. We have never known a year quite like it since the credit crunch of 2008,
We are starting to see some of the pent-up demand from the wait and see buyers starting to show signs of turning a corner (particularly first time buyers), which we are hoping will lead to an active first part of the year.
There has been much talk of the "Boris Bounce" within the property industry (indicating that a healthier housing market in on the horizon) with the stalemate hopefully coming to an end, & those would be movers who have sat on their hands springing into some action.
Will the pound suddenly drop once we leave the EU? Will property prices suddenly come crashing down on the 31st January 2020? My honest answer and in my opinion (for what its worth) probably not.
Until next time......
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it really feels like Autumn has set in, I think the central heating may be getting cranked up soon and the early dark nights will soon be upon us before we know it. Its back to business for many people who have just returned from their summer breaks ( me included) and I've spent much of the last week reading through various articles surrounding the latest "deal or no deal" saga and I was particularly interested in what the effects would be to Landlords of a change of leadership at number 10. I can't take the credit for the article below, I've shared it from "Landlord Today". but it makes an interesting read:
Hundreds of buy-to-let landlords have expressed concerns for the future of the buy-to-let industry if Labour comes into power.
Boris Johnson is attempting to trigger an October general election, but the majority of landlords in the UK’s private rented sector are unlikely to vote for Jeremy Corbyn’s party if the poll does go ahead next month, according to new research.
A survey from Landlord Today found that 93% of landlords consider the existing Labour party unfit to govern, owed in part to its housing policy, especially when it comes to the private rental sector
Last week, the shadow chancellor John McDonnell said he wanted to see the introduction of a ‘right to buy’ scheme for private tenants as well as higher taxes on landlords. In response, 91% of landlords surveyed said that they think Labour’s private tenants ‘right to buy’ policy would ‘destroy’ the private rental sector.
Earlier this year, a Labour-commissioned report called on the party to intervene to cool the housing market if it wins power by introducing a new “progressive property tax” set nationally instead of by local councils and paid for by landlords instead.
As part of Labour’s proposed major property laws shake-up, empty homes, second homes and those owned by people not resident in the UK for tax purposes would have to pay the new tax at a “significantly” higher rate.
The report states: “We recommend that a Labour government replace the regressive and unpopular council tax with a progressive property tax based on contemporary property values.
“Unlike council tax, this tax would be payable by owners, not tenants. “This would result in significant administrative savings, lower levels of arrears and less court action. “Unlike council tax, the progressive property tax rate would be based on regularly updated property values, and the rates would be set nationally, rather than locally determined.”
Some MPs have branded the proposal “extraordinary and deeply damaging” and warned that Labour’s move amounted to a “tax bombshell”, and most landlords share their sentiments.
Some 218 landlords - 94% of respondents to a separate Landlord Today poll - said that they disagreed with the radical plans being considered by the Labour Party.
Until next time ...